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Condo Market Feels Heat as House Prices Soar

"Bidding wars, bully offers trickling down to condos as house hunters look for alternatives.

As real estate’s spring market heads into high gear, realtors are seeing a startling surge in demand for hard lofts, unique condos and townhomes as more house hunters realize all that concern about a bubble may be just a lot of hot air.

Bidding wars continue unabated in many areas of the 416 region and even beyond. Just this month, the frenzy reached a new fever pitch in Riverdale — probably the hottest area of the city right now — as a semi and a detached house on Victor Ave., one listed for $949,900 and the other for almost $1.2 million, each sold for $300,000 over asking price.

Some of that frenzy of fear seems to be spilling over into the condo market as house hunters search for the next best alternative."

Full Toronto Star article

Source:  Susan Pigg, Toronto Star

 

If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at casey@remaxhallmark.com

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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RE/MAX Hallmark Realty Ltd., Brokerage
723 Mount Pleasant Road
Toronto, ON
M4S 2N4

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Toronto Real Estate Board - IDX Last Updated: 8/24/2017 2:33:39 AM