14 Oct Market Notes: Downtown Toronto remains strong
This has been a very active week for new listings across the board. Houses, condos, lofts, investment properties, gut jobs.There is something for everyone on the market right now. The most competitive market segment continues to be condos and houses up-to and around $1.2 – $1.3m. Basically the most affordable properties are continuing to get snapped up. The week after Thanksgiving is usually very active, how much of the new inventory the market absorbs in the coming weeks will be a good indicator of market strength.
So far, the downtown market continues to show strength, with most homes selling in a bidding scenario. Although, I do believe sellers need to be aware of how the strategy to sell will shift as the market continues to balance out. The same goes for buyers with assessing aggressiveness when entering a bidding scenario.
I am seeing more overpriced freehold homes on the market, just sitting, as if unaware the market has changed, betting it will spike back up, and/or hoping to get lucky. A year ago, anything and everything would sell, but that isn’t the case anymore. I have spoken a lot about quality of inventory in the past, commenting that it has been lacking. This past week brought many quality, well priced listings to the market, which will only further expose overpriced listings.