Thanksgiving is past, Halloween approaches, and the Toronto Real estate market continues unabated. Media is reporting the “hot market” mid-month check of the Toronto Real Estate Board stats. TREB has reported 4,002 sales so far in October which trends toward another record month; Home sellers are not putting their houses or condos up for sale to satisfy the available buyers. This vacuum is creating a cycle of endless multiple offers.
As fewer are listed More multiple offers. Typically as a seasonally adjusted average the number of homes should increase between August and October. This year the numbers have actually decreased slightly. Right now there are 15,K homes for sale. Last year there were 27K.Rates are stable at 2.25% Variable and below 4.2 for 5 years.
Buyers I am working with right now are struggling to understand why there are bidding wars for properties in the under $500K range in Toronto. The 400 to 500 thousand dollar pocket seems to be the Double Income, No Kids, (DINKS) price point. Human nature is filling their need.
If you would like an analytical and sensible conversation about real estate and selling your home I welcome your calls and comments. Talk with someone that has 21 years experience with filling your housing needs. Remember, Experience is not expensive but it is priceless.