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- The amount of GTA homes sold for above asking more than doubled between 2016 and 2015, increasing by approximately 160%
- The City of Toronto saw the largest proportion of detached, towns and semis close for above asking, followed closely by Markham and Richmond Hill (see table below for a breakdown of 16 prominent municipalities)
- Condominiums are far less prone to the competitive environment of multiple offers and saw a significantly smaller share of above asking transactions. Only about 2% of residential condo apartments were purchased for a minimum of 10% above list price. Even when isolating prime neighbourhoods in central* Toronto like the Entertainment District and Liberty Village, the figure stayed at 2% of total sales
TOTAL 2016 FREEHOLD SALES
NUMBER OF FREEHOLDS THAT SOLD 10% OVER ASKING
PROPORTION OF FREEHOLDS THAT SOLD 10% OVER ASKING
- Ditch the idea of thinking a mortgage pre-qualification is enough. Get a full-fledged mortgage pre-approval instead. It’ll signal to home sellers you’re serious about buying and that your finances are in order
- Part-time realtors may not be equipped with the experience of dealing with a bidding war. Instead, having a full-time agents by your side who’s familiar with navigating the ultra-competitive environment of bidding wars is often a must
- Understand when a seller is intentionally underpricing their home to garner attention from a larger pool of buyers. Always put in an offer that matches market value, even if the seller is asking for considerably less
- Be accommodating to the seller’s needs. Little niceties like granting flexibility on the closing date can make your offer more enticing