As folklore has it, should a groundhog emerge from its burrow on Groundhog Day and see its shadow, Canucks will experience another six weeks of winter. And should the Groundhog fail to see his shadow, an early spring is in the works. Huh? To read more about this legend, click here for the National Post story (and thanks NP for letting me post the pic above).

As is typical, some Groundhogs saw their shadows whilst others didn’t. Regardless, with warm weather and not a flake of snow, Torontonians are scurrying to view the few listings on the market in a frenzied attempt to secure real estate. It looks like more than just groundhogs are seeking a place to burrow.

This week saw some shockers. In particular, a substantial merchant class manse in coveted Dufferin Grove listed in the low 700s spiked almost $200,000 over asking despite the need for a quarter of a million dollar reno/restoration. It was a house with good bones, ample parking and a very deep lot, though I can’t say any one other than the successful buyer thought it would go for such a sum.

Even my own Movie House listing has received over two dozen bookings in 48 hours. The phone is ringing off the hook by both buyers and realtors keen for more details and information. Spring has sprung and the lack of listings is creating a early freneticism usually reserved for March and April.

What do I mean by this? Click on my newsletter The Seasons To Real Estate to learn more.

Sellers are thrilled. Buyers are stressed. And our market continues to bubble.

Stay tuned for more from the real estate trenches.

~ Steven

Real Estate