Inventory of available properties is low and it's bringing back multiple offers in communities around the GTA...
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Hey everyone, I wanted to give a bit of a market update because we're not seeing this in the newspapers and we're not seeing it really in the media. But if you're not paying attention to the markets around the GTA, things are going crazy even with the new mortgage rules. So, for example, just within this past week in St. Catharines someone on our team had a property listed for about $329,000, a fully detached three-bedroom home out there where they got 65 showings. They were holding offers for a week, they got 65 showings, 10 submitted offers. The property ended up selling for about I think it was $355,000 approximately. So, listed about $329,000, settling for $355,000 over asking. So, even with all these mortgage changes, the fact that there's so much...
Two things, easy money in the way of low-interest rates still around, and that the property prices are so expensive in Toronto proper and the communities immediately adjacent to Toronto that outside Toronto we're seeing a lot of action. We're seeing the same thing in Guelph. I wrote this one down. In Guelph, there's a property that we were kind of chasing for an investor it had over 100 showings. It had 104 showings and sold for $60,000 over asking. We're not seeing this really discussed too much in the media, but that's what we're seeing on the streets right now.
So, very low inventory so when you see headlines that say sales are down, know that they're only down because there's no inventory to actually be sold. But the demand from buyers still exists from what we're seeing.
So hopefully, you find that hopeful. Until next time your life your turn.
