Multiple offers mounting for houses under $1 million in Toronto: real estate agents
Multiple offers are mounting for houses under the $1 million mark in Toronto while prices stay steady and competition moves faster and fiercer, according to real estate agents in the city.
That became apparent for Toronto realtor Anya Ettinger when 27 offers were put forward on a Bloor West house listed for just under $1 million that sold for $400,000 more than its asking price earlier this month.
“It’s happening more and more frequently,” Ettinger, who represented buyers who put forward an unfruitful bid, said.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
Since the third week of January, Ettinger said she’s been noticing multiple offers climbing – on average, between four and twelve – particularly for houses listed under $1 million.
That price point will increase the likelihood of multiple offers, Toronto real estate broker Erica Reddy-Choquette explained.
“It’s not Toronto market wide,” she said.
“As much as multiple offers are back, the actual sale price is not actually staggering.”
Shock waves rippled through the real estate community when a staggering 85 offers were placed on a house in Mississauga that sold for just under $1 million last month.
Justin Bregman, the real estate agent representing the sellers in that transaction, said the market is much more competitive than just a few months ago, and houses are selling much faster as a result.
“Under that $2 million mark, and certainly under the $1 million mark, we are seeing a barrage of showings and offers and competition across the board,” Bregman said.
In October, November and December the market was slow and sellers were struggling to get offers through the door, paving the way for negotiations rather than bidding wars, he said.
“Anybody that purchased in October, November and December is looking like a genius right now,” Bregman said.
But now, Bregman said it is possible that prices could start to rise in lockstep with expected interest rate cuts that many economists expect to begin in June. The Toronto Region Real Estate Board (TRREB) is predicting that the average home price in the city will rise to $1,170,000 in 2024, as more buyers return to the market.
Prior to months of consecutive interest rate hikes, the average selling price of a Toronto home peaked at $1,334,062 in February 2022 before dropping to a low of $1,037,542 later that year, according to TRREB.
“So, you have people trying to get in now before they think that the prices are going to rise more,” Bregman said.
CTVNews.ca Top Stories
Trump delivers rambling response to conviction in hush money trial
A day after a New York jury delivered a historic guilty verdict in Donald Trump's criminal hush money trial, the presumptive Republican presidential nominee held a press conference Friday where he spoke publicly about the conviction and his White House bid.
Mediterranean diet helps women live much longer, a large new study finds
Women who closely followed a Mediterranean diet lived much longer than those who did not, according to a new study that followed more than 25,000 women for 25 years.
Incendiary device thrown at Vancouver synagogue, Jewish Federation says
An incendiary device was thrown at a Vancouver synagogue Thursday night, leading to increased police presence at local institutions, the Jewish Federation of Greater Vancouver says.
Actor Nick Pasqual charged with attempted murder after allegedly stabbing estranged girlfriend
An actor who has appeared in film and TV projects like 'Rebel Moon' and 'How I Met Your Mother' has been arrested and charged with stabbing his estranged girlfriend multiple times.
'Unprecedented': Human smuggling from B.C. to U.S. soars, using train, Uber and foot
American prosecutors and law enforcement officers say they're dealing with a huge increase in human smuggling from British Columbia.
How did Ontario's bankrupt 'Crypto King' travel the world on Scene+ points?
Newly released documents suggest Ontario’s so-called ‘Crypto King’ paid for months of world travels with $13,000 worth of Scene+ points while bankrupt – but how?
The northern lights are returning to night skies across Canada this Friday
If you missed the brilliant displays of the aurora borealis over North America on May 10, you may have another chance to see them on Friday night.
New study points to possible link between tattoos and lymphoma, but experts say much more research is needed
A Swedish study has found a potential link between tattoos and a type of cancer called malignant lymphoma, but it ultimately calls for more research on the topic, and cancer experts say the possible link is overblown.
A pair enjoyed pricey meals and bolted when it was time to pay. Their dine and dash ended in jail
A Welsh couple who dined out on pricey meals and bolted when the bill came is now paying the price, behind bars.