When describing the Toronto Real Estate market, I’ve often used the analogy that purchasing a residential property here is like eBay: When a seller lists their item for $1, they get more offers, sell at a higher price in a shorter amount of time than if they listed it at the price they would like to actually sell it at.
Every now and again, you used to see a home priced for $1 to generate interest, or it was a property under power of sale (foreclosure).
Arguably, this strategy was ineffective as most buyers would search on online within a price range (i.e between $700k-900k) and the $1 listing would be missed.
“Just last week the Toronto Star picked up the story of a listing in the Junction that’s listed for sale for $1.00. It’s been on the market for a few months at different prices, and now the listing claims that ‘Best Offer Wins For Sure 100%’ – despite the agent telling the Star that he won’t accept less than $700K.” 
Now my eBay analogy us becoming a reality: and listing properties for $1 is an emerging trend. And if this is the case, perhaps we need to disclose that there is a ‘reserve price’ – just like Ebay. Perhaps the GTA is moving towards an auction-style method of buying and selling property.
Here are 11 Properties for $1.00 that are offered for sale.
So what can you take away from all this today?
BUYERS: When you’re shopping or (re)searching real estate online, be sure to check out the $1 category.
SELLERS: When you’re looking to see what your property is worth, you will need to analyze the existing comps a little differently now.
Toronto Stats this Past Week
MLS activity from May 19 to 25 for residential properties:
|↑ For Sale:
Compare the above to the week before from May 12 to 18 when there were
5,489 for sale, 1,606 newly listed, 684 sold & 7,130 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||Over $3M|
TORONTO CONDOS FOR SALE
|$500k to $600k||$600k to $700k|
|$700k to $800k||$800k to $1M|
(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.