The need for condos in Toronto intensifies

The struggle of people to enter the Toronto real estate market continues to be a daily routine but to the disappointment of many, they have to hold on to wait for homes to be listed. The demand for condominium in Toronto is on the increase as it is the most sort type of home by many buyers. The competition for condos has gone so bad that according to real estate agent Geoffrey Grace of ReMax Hallmark Realty explained that bidding wars in Toronto can now lure as much as 17 competitors.
This wild chase for properties in Toronto is also one factor increasing home prices, as many of the homes sold as way higher than their listing offers. Queen and King Street West areas have had the most concentration of bidding wars as the need for condos is reaching sky high likewise home prices. Some homes are now sold way higher than other properties of the same value sold in earlier months. Buying a home in Toronto is no more a child’s play and one should have their cheque ready at all times, well prepared for a bidding war.
Recently, homes in the areas between Spadina and Strachan Avenues have been selling homes that are 108% more than their asking price.
Home sales in January also increased to about 11.8% according to the Toronto Real Estate Board while condo sales increased by 26.7% in January.
In the meantime, detached home sales also increased at a much slower pace on 7.8% but this rise was mostly in the 905 codes, whereas detached homes in the 416 dropped by 5.5%. The sales of townhouses and semi-detached homes also could not match up with the sales of detached homes.
While home sales continue to soar, the supply of homes is shrinking by 17.6% in January.