The downtown Toronto housing market has “cooled off” a bit sooner this year than it normally does in July. We did not have a “winter” this year so the winter – spring market was extremely active and lengthy.
The intense “Seller’s” market has been overwhelming, fraught with the infamous “multiple bidding – price wars – bully offers” for those anxious Buyers!!
The recent market indications however may suggest that we may be seeing a balance shift creating some relief for Buyers.
Having said all that, this picture is of new listing in downtown Toronto!
Certainly shows the home in it’s best light ….
The housing market around South Florida crashed hard as well. I bought my house @ 325k, it is now valued at nearly 200k. Thinking of walking away….
One of my best friends and his wife just bought in Florida. The Seller bought the home seven years ago for $600k and apparently spent just under $200k in renos. They bought it for $322k …. mortgage amount …. depressing!! The market has “bottomed” now though, only one way to go from here!!
I too am looking forward to the surge in the housing market! I am thinking of putting my condo up but waiting now for the right time.
Well the downtown GTA residential homes market has been insane the past twelve years BUT the past seven weeks may be an indication that the market is finally settling down. Activity levels have dramatically slowed, sales turn around time has increased and the infamous “multiple bids” have not been as successful!! This is a bit atypical from our normal late June to mid August seasonal lull. Condos sales on the other hand are going through a market adjustment with all the new inventory coming on the market currently. Prices on condos are holding level with the better buildings still attracting fair prices but not the rush like residential homes.
The housing market here in the US is supposedly on the rebound,
with the prices increasing in a lot of areas. Hopefully it will continue.