Central Toronto is HOT! Homes are still in Bidding Wars and Buyers are Buying Homes over List Prices.
BUT …. in the ‘outskirts’ of Toronto like Mimico, Stonegate-Queensway and Neighbourhoods in Scarborough, there is definately a Market difference. It’s as if someone put a Stop Sign in the Middle of the Marketplace. We are not seeing homes listed with Offer Dates. Houses are sitting longer than 5 days (average in Central Toronto). Buyers are looking, not buying as fast. Price Reductions are made in the 2-3 week mark.
What happened? Nothing. Everyone selling has been looking at the Fast-Paced Toronto market and has assumed their home is in Central Toronto, when it’s not. The speed limit on the 401 is 100km, but people have been speeding away up to 140km. It’s the same in this market. We’ve been speeding along at 140km and when the market turns and slows down to 100km, everyone wants to know what happened. It’s called a ‘Normal’ Market.
So confused by the Central Market in Toronto, Homeowners and Sellers are scratching their heads wondering why their homes haven’t sold. It takes time. It takes the right Buyer and it takes the right List Price. Once those factors are in play, you will sell. It only takes 3 things to sell a Home: Location, Price and Showability. In Central Toronto the 3 things it takes to sell a home: Location, Location, Location.