ONE MILLION DOLLARS ~ $1,000,000.00
That is alot of money! Yet, it seems a common number in Toronto Real Estate terms. The Toronto Real Estate Board (TREB) just released numbers for March 2018 and bottom line, fewer homes were Sold in the GTA in March than last year in March.
The Average Sale Price for a Detached Home in the GTA was $784,558k vs. Toronto (416) at $1,293,903m. Average Days on the Market are 20. Yes there has been Government Intervention and Interest Rates have crept up a bit.
But in the Six, especially in the HOT Neighbourhoods like Riverdale, Liberty Village, Niagara, Danforth, Yonge and Eglinton to name a few, it’s a different story. With LOW inventory, or little Product on the Market, anxious Buyers are going back into Multi-Offer situations.
As a Buyer, it is so important to be Qualified and Approved Financially from a Financial Institution especially if you plan on participating in a Multi-Offer situation with a Clean Offer, otherwise, your chances are slim to none, especially in the Hotter Neighbourhoods.
Back to What does a Million Dollars buy you in Toronto? Not a Semi-Detached in Riverdale, not anymore! Why, because my Buyers were in a 9 Offer Bidding War and won! They went over $1,000,000.00 in order to get the home of their Dreams in a Wonderful Dog-Friendly Neighbourhood of Riverdale. They paid $1.100,513 for an Updated Semi-Detached home with 2 Bedrooms, 2 Baths, Finished Basement, Backyard and no Driveway. That means, as of yesterday, April 16, 2018, the new Market Value in Riverdale for a 2 Bedroom 2 Bath Semi is OVER ONE MILLION DOLLARS!
It was a Cold, Wet, Slushy and Miserable night weather-wise and despite the Nasty Weather, the Heat was on! My Buyers had a limit that they were ready to go to if necessary. It came down to 3 Offers and they gave everything they could plus my magic number ‘513’ , which ended up doing the trick. My Buyers are over-the-moon happy to not have to participate in nail-biting Offer nights again and, that they can move on and now sell their home in HOT Liberty Village… coming on the Market Soon!
Here are a few pictures of the Semi-Detached Home in Riverdale that my Buyers ‘won’ last night:
Thinking of Making a Move?
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