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.” [1]

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:

5,625

Newly Listed:

1,224

Sold:

403

↓For Rent:

7,074

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

Under $500k

$500k to $600k $600k to $700k
$700k to $800k $800k to $1M

Over $1M

 

OTHER

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.