Here’s a true story of a tale of two couples I am working with right now actively looking to buy a home in Toronto. Both sets of buyers are highly qualified: Young professionals with good jobs who saved money to buy their first home with savvy parents who are chipping in so that it will be a 50% down payment to secure them a good home and ensure a lower monthly mortgage payment.
So what is the only difference between both parties?
One couple is looking for a condo, while the other is looking for a house (detached or semi attached house). And here is a glimpse of their journey in finding a home to buy in Toronto:
Both sets of buyers are scouring the internet to find the perfect home. More often than not, the search is rather frustrating because many of these homes are purposefully priced below market to solicit bidding wars, or these properties are sold within days after coming on to market.
The condo couple has a decent selection of condos to choose from even though they really have to sift through the listings to determine which ones are worth seeing. Once they find a condo they would like to purchase, there is time to consult with their parents and for me to put together an offer to submit by the offer deadline. If their offer is not selected, that’s okay, there is another condo to bid on. As I schedule showings, at least 1/3 of the listings are sold shortly after I’ve booked a time to go see them.
As for the couple looking to buy a house, the competition is much more fierce. The number of houses is limited, and before they could even get out and see them, these properties are bombarded by preemptive and bully offers and are sold well before the offer date. We keep a close eye on anything that comes on to market, and I solicit potential sellers. And as I schedule showings in this situation, more than 2/3 of the listings I book for them are sold shortly after I schedule the appointment.
According to the Toronto Regional Real Estate Board, the average Toronto condo prices fell 4.7% year-over-year in December to $625,828. Now compare that to the 8.1% growth in the average detached home price ($1,475,758).
Conclusion? The tale these two sets of buyers are certainly reflective of statistics from TRREB.
Toronto Stats this Past Week
MLS activity from January 13 to 19 for residential properties:
↓ For Sale:
Compare the above to the week before from January 6 to 12 when there were
4,238 for sale, 835 newly listed, 266 sold & 11,017 for rent.
TODAY’S NEWEST LISTINGS
TORONTO HOUSES FOR SALE
|Under $950k||$950k to $1.2M||$1.2M to $1.6M|
|$1.6M to $2M||$2M to 3M|
TORONTO CONDOS FOR SALE
|Under $500k||$500k to $600k||$600k to $700k|
|$700k to $800k||$800k to $1M||Over $1M|
|GTA Fixer Uppers||Ontario Foreclosures||Map Search|
(Email or call me directly for specific sold or off-market properties)
If you would like me to look up any other numbers for you, just call or text me 647-804-8601.
Let me know how I can help with your (RE)search.