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The real estate market in the Toronto area remained stagnant this summer as buyers sought lower bargaining while sellers waited. Occasionally, however, there will be bouts of frenzied looting of offer.
Sydney Taylor, a buying agent for a Toronto couple, started looking for semi-detached homes when the market was hot in February.
The couple’s purchasing power fell as the Bank of Canada raised interest rates four times from March to July, raising the key interest rate from 0.25% to 2.5%.
“the increase in mortgage interest rates has reduced their home purchase budget,” Ms. Taylor said.
Unable to afford a semi-detached house, the couple turned to apartments and recently competed with five competitors for penthouse, a penthouse on Queen Street Wes Street in downtown Toronto.
The two-bedroom unit opposite the Trinity Bellwoods Park is listed for about 1.05 million. There is no offer bid date, and the seller welcomes buyers to bid at any time.
The penthouse goes on sale on Friday, and Ms. Taylor’s clients don’t have time to see it until Sunday. The couple liked the layout and the large terrace, and Ms. Taylor thought the price offered for the unit was very reasonable.
Therefore, they immediately submitted the offer that night, and set the validity period of the offer at that night, forcing the seller to accept it immediately.
However, in that short period of time, another offer also came.
The next day, the customer submitted a new offer, but because of the fierce competition, Ms. Taylor knew they would have to extend the deadline. During that time, the seller’s agent received four additional offers, and a total of six buyers joined the fight.
Ms. Taylor’s client ended up offering slightly less than the asking price, and of course she couldn’t buy it.
The house finally sold for 1.18 million and snatched a high of 130000.
“We didn’t even take part in the house fight,” she said.
Ms. Taylor said the sale was a useful barometer of the current market: coveted properties were being sold, but buyers were reluctant to join the competition.
“they’re probably just waiting to see how it turns out,” she said of the waiting bidder.
Some buyers wait until after the date of the offer offer and think that if the property is not sold, they will have more bargaining chips.
Some apartments have been listed for a long time, but large units with good locations are still in demand and often sell quickly, Ms. Taylor said.