Interest rate drop brings bidding wars in Toronto

Christopher Stevenson, an agent with Sutton Group-Associates Realty Inc., says lower interest rates and a few high-profile sales have combined to bring a little bit of fresh vitality to the Toronto market. Still, lots of properties are changing hands without frenzied bidding wars and agents say new listings are trickling out slowly. The Toronto Real Estate Board reported this week that sales jumped nearly 15 per cent in the first two weeks of February in the Greater Toronto Area compared with the same period in 2014. The average price climbed 10.3 per cent but new listings edged up only 3.5 per cent in the first half of the month compared with the same period last year. Bidding contests such as the one for the semi-detached bungalow at 21 Berkshire Ave. have contributed to the price gains. Listed with an asking price of $499,000, it sold one week later on the night set for reviewing offers, for $595,000, after about 75 showings. “I think the interest rate announcement put a little bit of spark back in people.”

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Billa Sharma

Billa Sharma

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CENTURY 21 Heritage Group Ltd., Brokerage*
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