Real estate listings usually spill onto the Canadian market as the weather gets warmer but, that may not be the expectations this year. In Toronto and surrounding areas, some homeowners are nervous to put their houses for sale.
“New listings are arriving but they are still tight in every segment at her firm.”. Says Elise Kalles, a broker from Harvey Kalles Real Estate LTD. Ms. Kalles focuses on the luxury market and has sold houses above $7.5 million. She claims the top tier in Toronto is comprised of exclusively local buyers that want to improve their surrounding area. Ms. Kalles sold in areas such as Forest Hill. Casa Loma, Yorkville, and the Bridle Path with her big sales being from people solely upgrading.
The pandemic has sparked an increase in off-market transactions and people are reluctant to have their homes on the public Multiple Listing Service. Homeowners rather sell their property without a sign or a large number of visitors. Some homes are now listed on an exclusive basis and agents may receive offers on platforms such as Facebook.
Public listings cause more bidding wars which places a lot of stress on agents in the springtime. Being able to represent a buyer can be discouraging when the competition is strong. In Ms. Kalles opinion, ‘low supply has put upward pressure on prices, but the Toronto market is not a bubble.”
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