2 sales in GTA this weekend went for 128% and 138% of List price!!

Wow, who said the housing market was slowing down?   Check this out..  2 sales from this past weekend in Toronto show the market is red hot!

This house at 455 Manning St is located in the College and Bathurst area of Toronto.  It was listed for sale at $749,900.   And it sold for whopping $1,035,000 or 138% of list price!   This is a 2.5 storey semi-detached home with a 19′ x 126′ lot.   Wait, it gets better.   The description says, and I quote “Attention Renovators/Investors/Handymen”.   A quick look at pics inside leave much to be desired.   This place is need of some serious home improvements.    All I can say is WOW!

How about this one at 362 Lippincott Street located in the Bathurst and Bloor area of Toronto.   Listed at $895,001 and selling for $1,150,000.  That’s 128% of list price.   The lot is 17′ x 101′.   This is a 100 yr old semi-detached Victorian with major updates and renos.   It certainly looks nicer than the first.   But selling for 128% of list price?   I’ll repeat myself, WOW!!

A quick search on mls.ca shows there are definitely fewer listings than normal.   Recent reports are true.  There are fewer sales over the past few months.    No surprise.. This has to be one of the coldest and hardest winters in years!   Ice storm, tons of snow…. who wants to be driving around town to shop for a home in this weather?     The net effect….   PENT UP DEMAND!!!..  Sellers are waiting for warmer temperatures before listing their homes so they can show better inside and out…  Buyers are waiting for inventory to choose from…. well, most buyers.  Obviously, some buyers don’t want to wait.

And in case you missed it, mortgage rates have dropped too!    Making the cost of financing less expensive.   Looks like it will be an active Spring housing market. 

Your best interest is my only interest.    Like this article?  Share with a friend.   I reply to all questions and I welcome your comments.

Steve Garganis 416 224 0114 steve@mortgagenow.ca