Despite media efforts to convince people the market is collapsing our day to day experience proves otherwise. Almost every offer we go out on results in multiples.
Monday night I went on an offer on a property in Riverdale overlooking Withrow Park. Priced seemingly right at $779,900. The home sold at $929,000. All this in a crashing market according to the media. Although most home sales are not so spectacular… this one had 13 offers, it is most common to see a couple of offers on a property and sale prices still over asking. When will this let up? Too hard to tell.
The suburbs are another story. The late winter and late spring are seeing people just getting out to fix up their homes now for a spring sale. Also I believe that gas prices may be a definite factor. I am told the South Barrie market ( the market that travels to Toronto to work) always takes a downturn every time the gas prices hit a new high.