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reply 162 vote 4

Is the fall real-estate market as hot as you expected?

Hey Canada,

How is the fall housing market looking in your city?

On fire? Watered down? Same as expected?
Canada / Resale Discussions
Senior Buzzer
reply 2299 vote 170
Talking about the GTA housing market....
I am not a Realtor, but looking for a house.
Since Labour Day I have seen a dramatic spike in listings, but nothing that I have seen worth purchasing... YET!
As I am not a Realtor, I can not tell if the resale market is hot or not.
BUT, on the pre-construction side I can tell you that there is a lot of product moving and we are not seeing a slow-down. The preconstruction market looks hotter than ever, and in fact Urbanation and Hunter Milborne are predicting 25,000 new condo sales this year. That would be record breaking numbers!
reply 143 vote 26
By this time next month we should have a better indicator on "how hot" the market is! Last week I did 3 leases in 2 day...people are definitely moving in downtown Toronto!
Senior Buzzer
reply 512 vote 60
To give you an idea of how busy we are right now .... our website has not been updated in 7 days. I've never gone longer than 3 days without doing some kind of update.... it's nutso out there.
Senior Buzzer
reply 2299 vote 170
@Mark: Are resale listings selling?
@Roy: Just to confirm, you are speaking specifically to pre-construction in Toronto... correct?
Senior Buzzer
reply 512 vote 60
There are SO Many awesome projects going on right now and we are trying our hardest to service our clients on all of them. Between The Bond, Yorkville Plaza, B.Streets, 3018 Yonge -- the pending Paintbox, River City 2, 21 Grenville, Monde .... it's definitely a great time to be involved in the pre-construction condominium world.
And yes, we have SUPER VIP/VVVVVIP/Ambassador status at all of the above projects for those interested :)
Senior Buzzer
reply 512 vote 60
@ Matt -- yes, we're ONLY dealing with pre-construction condominiums.
Senior Buzzer
reply 550 vote 45
In Toronto, there are a lot of listings coming on the market. I agree with @Mark that it is too early to tell.
reply 99 vote 54
I've been house hunting for clients uptown In the Lawrence Park area and it bidding-war central up here. I usually preview listings on the first day they hit the market and by the time I get there there is already 20-50 other agents cards on the table so I am not the only one.
The condo market has been a little slower for me :( but that could just be me...
Senior Buzzer
reply 512 vote 60
^ Speaking of Lawrence Park -- the new project there 3018 Yonge is going to be really really really hot. I expect it to sell out in a few days.... we've had unbelievable demand.
reply 103 vote 1
I think we'll be able to answer this question in about 4 weeks time!
reply 12 vote 3
We are seeing heavy action on almost all of our midtown/uptown listings. With interest rates looking like they will remain low for the foreseeable future there are definitely lots of buyers out there. I am finding that 'good' listings are setting offer dates, but then disappear in pre-emptive bids after only 2 or 3 days on market. Preemptive bids need to be part of your strategy if you are working for a buyers best interest in this market.

The hottest pocket is anything in the $500K-$700K range. A lot of YUPPIE DINKS can afford this bracket.

We had a listing last week that generated 17 offers and it sold for more than 20% over ask. This was a property that was priced at "market value" and not priced to specifically generate multiples.

The only cool spot we are seeing seems to be in the $1M+ condo market.

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