Desmond Brown

Bouncing Back?

02 October 2017
Desmond Brown

Yes, I know... statistics show that overall sales have dropped by 35% compared to this time last year. However, as an agent who is active in this market on a daily basis, this is some of what my team and I have experienced since the Fall market got underway after Labour Day:

  • Lost in multiple offers for a home in Leslieville that sold for $300,000 over asking
  • Lost in multiple offers for condo on Queen Street in the Beaches that sold for $20,000 over asking
  • Lost in multiple offers for a detached home in Birchcliff Village. 
    Although there were three offers, the final sale price was under asking.
  • Lost in multiple offers for a co-op apartment in the Beaches. 
    I had one of FIVE offers. It sold for over asking. This was unprecedented for a co-op apartment.
  • SOLD a commercial condo conditionally. No multiple offers and we were able to negotiate the conditions.
  • SOLD an Annex condo. No multiple offers and negotiated a deal.
  • SOLD a semi in Danforth Village. Property was on the market for more than two months and again, we were able to negotiate terms and a price that were acceptable to both sides.

As you can see, we're starting to see multiple offer situations again. My philosophy while advising my clients has always been not to get carried away by the situation and to offer what we think it's worth and what is affordable.

For the solds, you can see we were able to negotiate which is a good thing. I welcome more of these situations where both sides can walk away feeling good about how things unfolded.

In my opinion, this has been a great Fall market so far. The activity we've been seeing is a sure sign that we're bouncing back from the dip we took after the provincial government introduced its 16 new measures.

If you or someone you know is looking to buy or sell, give me a call and we'll talk about your unique situation and get started from there. Want to chat about the market? Give me a call and we can do that too.