Multiple-Offers Are Still Very Much A Part Of The Toronto Real Estate Landscape

Multiple-Offers Are Still Very Much A Part Of The Toronto Real Estate Landscape Photo

We’re in the 2nd week of the fall real estate market now, and anyone who’s been following along knows that in the past 4.5 months (ever since the Liberals announced their “16-Point Fair Housing Plan16-Point Fair Housing Plan” in April) we’ve seen a decline in the number of sales and, perhaps more notably, a decline in average sale prices.

Q:  Do these declines mean that there’s now room for price negotiation on every single property that comes on the market?
A:  Nope.

In fact… plenty of houses are selling for 100% of the list price. And an even larger number of houses are selling for more than the list price!

Despite all the talk of a “buyer’s market”, there are still plenty of buyers out there willing to pay full price for the right property, or even compete with other buyers and pay more than the list price if need be.

Let’s take a look at all sales in the first 10 days of September for some insight (we’ll go as far west as the Humber River, as far east as Victoria Park, and as far north as the 401):

Houses

  • 83 sales total
  • 58 sales at less than the list price
  • 10 sales at 100% of the list price
  • 15 sales at more than the list price (the highest being 119% of the list price)

Condos

  • 162 sales total
  • 77 sales at less than the list price
  • 37 sales at 100% of list price
  • 48 sales at more than the list price (the highest being 117% of the list price)

Percentage-wise, this breaks down as follows:

Houses

  • 70% of houses sold for less than the list price
  • 12% of houses sold for 100% of the list price
  • 18% of houses sold for more than the list price

Condos

  • 47.5% of condos sold for less than the list price
  • 23% of condos sold for 100% of the list price
  • 29.5% of condos sold for more than the list price

While these numbers don’t reach the heights that we saw in January – April 2017 (in March, for example, there were a total of 2,145 combined house & condo sales – 73% of which sold for more than the list price), they do show us that buyers aren’t being scared out of moving forward with their home searches. If a property warrants it, buyers will make agressive offers and fight for what they want.

Let’s see what the rest of the month brings…

 

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

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