Sellers test the Toronto real estate market

Broker Andre Kutyan plans to list the house at 394 Old Orchard Grove with an aggressively low asking price of $1.295-million and hold back offers.The Toronto-area real estate market is moving into the fall in fits and starts.

Areas such as Willowdale, Bedford Park and the streets around Bayview and York Mills have attracted lots of investors – both domestic and foreign - in years past, he says. One pair of investors is planning to see how much buyers are willing to bring for the one-bedroom condo unit they bought in 2017 in the city’s upscale Yorkville neighbourhood.

Mr. Kutyan plans to list the house at 394 Old Orchard Grove with an aggressively low asking price of $1.295-million and hold back offers.He is already anticipating calls from agents asking why the asking price is less than the couple paid for the property in 2017 and how much he really hopes to fetch for it.Elli Davis, a real estate agent with Sotheby’s International Realty Canada, says setting a low asking price with an offer date can be an effective way to draw multiple offers.

Buyers who come to the table are likely to be serious if the asking price is realistic, she says, and the property is more likely to sell quickly. A three-bedroom semi-detached house at 31 Oriole Rd. in Deer Park will have an asking price of $2.895-million.Listings like that can be costly to an agent in terms of time and expense, she adds.Ms. Davis says one investor who purchased a pre-construction condo in 2017 recently contacted her to say he is thinking about selling the two-bedroom unit, which will be completed this year.

Robin Pope, broker with Pope Real Estate Ltd., has noticed a recent uptick in an unusual tactic: agents set a low asking price for a property but they do not set an offer date.

Hey, same size as my house, recently assessed at 1.2 mil 🤣

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