When it comes to real estate trenches, this Autumn I’m wearing a light-weight cream number that cuts a square shoulder, cinches at the waist and keeps me dry from all the rain we’re having. Lol. Ok, this blog isn’t about fashion. If it was, it would be posted by Vince who keeps urbaneer.com operating smoothly and looking stylish.
Back in August I posted my Fall Forecast which, to my relief, has proven to be a fairly accurate prediction on how the market has subsequently unfolded. I followed it up in September with a blog querying whether the market would be nuts… but within short order I found September was a ‘slow and steady wins the race’ kind of month. However, as the weeks have progressed, I’m finding October to be surprisingly brisk. While the condominium market has stabilized, the freehold housing market has percolated into a hot housing brew. In fact, over the past few weeks we’ve been experiencing bidding wars and bully offers just like earlier in the year. It is, in fact, a little bit nuts! Huh?
The culprit is a shortage of product. In the central core of Toronto, spanning from The Beach to Bloor West and up the Yonge Street corridor, we’re experiencing a lack of listings while demand strengthens. Formerly hesitant buyers are returning to the marketplace now that it appears Toronto isn’t going to suffer a cataclysmic collapse in real estate values as the media doomsayers once proclaimed. With seriously attractive interest rates, it looks like the downtown freehold real estate market is going to remain ‘the place to buy’.