Earlier this week I posted 2 listings that I thought were great purchases based on current comparables, in this post I will post 2 listings that are the opposite, properties that have had substantial increases in the last 30-60 days where the Sellers walked away as the big winners as is the case with most transactions these days.
Example 1: End unit Townhouse in Markham
Freehold townhomes in the suburbs have always been very sought after, they are the equivalent of what the East York bungalow is in Toronto, for those who want to live in York Region. End units being the most desirable, and those with irregular lots and a coach house are the equivalent of unicorns. This listing had it all, the price paid however is on par with what an equivalent detached home goes for at ~$1.85M. Congrats to the listing realtor and sellers.
Example 2: Single garage, detached.
A standard suburban home that would’ve sold for $1.3M – $1.4M in the beginning of the summer sells for $1.55M at the end of August. In August we hit historic lows in Active listings in TREB’s history. The resulting rapid price increases are a direct reflection of a market with less than 50% of historical Active listings for the same period.
