Good evening everyone;
I hope all the “trick or treaters” have gotten down from their sugar highs and are eager start another school/work week.
In the GTA Market
Last week I was involved in 3 separate multiple offer situations. Unfortunately we were not able to secure a winning bid in any.
- First property sold for 127k over asking price. There were 9 competing offers. We tried to submit a bully offer but we were told to wait for the offer date.
- Property 2 had 6 competing offers and sold 106k over asking. Again we inquired about submitting a bully offer and we were told to wait until offer night.
- These two sales fetched considerably higher than expected sale prices based on comparable property sales.
- 3rd property asked for offers “anytime” and still had 4 competing offers after 1 day on market and sold for 8k over asking without conditions.
- This has been the reality in the GTA. Supply is very tight. The examples provided above have many factors tied to them. The first two examples took place in neighbourhoods that have been coveted for many years and are considered to be prime Toronto neighbourhoods. Family friendly and close to downtown.
- The 3rd example was outside the city core but still a very desirable neighbourhood. Supply is almost non-existent.
Later this week I will be able to share the October sales results as the Market Watch Report will be available.
How are people able to afford paying for homes at much higher prices than what banks will most likely mortgage them for?
One thought was that buyers are being left inheritances by an aging population and have more liquid cash to make such purchases.
Fantastic commentary on the Canadian Real Estate Market. Click on the link below or cut and paste into your browser.
Toronto (GTA) still very stable and growing.
Canada’s thriving oil and gas industry helped the economy grow by 0.3 percent in August from July, Statistics Canada said on Thursday, confirming modest growth that is seen keeping the Bank of Canada on hold for over a year.
The main contributor to growth in August was mining and oil and gas extraction, with accommodation and food industries, real estate services and agriculture and forestry also providing support. Manufacturing shrank and construction was flat.
Analysts in a Reuters poll had forecast, on average, a 0.2 percent gain in gross domestic product in the month. Monthly GDP grew by a stronger-than-expected 0.6 percent in July.
Goods-producing industries grew 0.4 percent, led by a 2.8 percent jump in oil and gas extraction and a similar increase in support activities for that sector.
Services industries expanded by 0.3 percent on growth across almost all sectors. Wholesale trade and transportation and warehousing grew 0.4 percent, while real estate services and professional, scientific and technical services both gained 0.3 percent. Accommodation and food services increased 1.3 percent.
Year over year in August, the economy grew 2 percent.
In a separate release, Statscan said non-farm payroll employment increased by 51,300 in August, rising across all major industrial sectors. The payrolls data is not the most closely-watched employment indicator and lags the market-moving labor force survey by several weeks.
(Reporting by Louise Egan and Alex Paterson; Editing by Chizu Nomiyama)
HGTV Seeks Homeowners for “Critical Listing” October 28, 2013 —
Do your clients need help fixing up their home before it goes on the market?
Here’s their chance with Critical Listing!
HGTV’s Critical Listing! is looking for fun, enthusiastic, outspoken homeowners who’ve recently bought or are in the process of buying a new home in the GTA and need help positioning their current home to get maximum dollars when it hits the market. All renovation updates to be led by interior designer Jo Alcorn, landscape expert Carson Arthur, and property expert Lisa Colalillo.
Here are the criteria:
To be eligible, homes must be located in the GTA.
Homeowners must contribute a minimum of $10,000 toward interior and exterior renovations (price will vary depending on project size).
Homeowners must be available to complete renovations in November 2013.
Interested? To apply to be on the show, please have your clients tell us why they need help, and have them send along their contact info and photos of themselves, their family and their home to email@example.com.
Have a fantastic week, Anthony