With an average price of $1,070,911 across the GTA, there was an increase of +12.6% compared to last year.
Lawrence Mak Real Estate
Because of supply and demand, multiple offers will be here for quite some time. Understanding how to navigate the bidding process is critical to getting a good price. You are probably thinking that only the highest price will win. Based on my experience, this is often true, but I have seen many cases when it isn't. Here are 3 tips to winning multiple offers: 1. Don't Compete This is always...
Last week I had the pleasure of being interviewed by Chris Molder from Tridac Mortgage. I talked about the August 2021 numbers as well as:• Pent up demand in Toronto• Low supply in the market• Does Toronto have a housing crisis?• Federal party platforms on housing• The Toronto condo market If you need any help with a new or existing mortgage, don't hesitate to contact: Chris Molder,...
Last week, a ban to blind bidding in real estate sales was proposed as an election promise by one of the parties. Blind bidding is when multiple buyers try to buy the same property. Since they can't see what the other offer prices are, they are "bidding blindly" and prices can escalate. Whenever I sell a property with multiples offers, there is often a wide spread in the offer prices. A...
With an average price of $1,070,911 across the GTA, there was an increase of +12.6% compared to last year.
Last week, I recommended investing in your Principal Residence before thinking about other investments. Your lifestyle would improve and all of your appreciation would be tax-free! Read part #1: "What's the best investment?" But let's say you're already happy with your existing home. What should you invest in next? My recent clients were exactly in that situation. They wanted real estate...
I'm often asked about which type of investment property will return the largest profit. Is it pre-construction, condos or single-family homes? I always answer the same way: "Firstly, have you thought about maximising your primary residence before you buy an investment property?" In Canada, when you sell your home, you don't pay any taxes on the profit you make - at least for...
I've been asked twice this week if now is a good time to sell. To answer this question, let me tell you about the 4 seasons of real estate that occurs every year. Typically speaking, the highest price you will get is in the "Spring Market", followed by the "Fall Market". The worst time to sell is in the "Summer" or "Winter" Markets. If you read the July Real Estate Report, you'll...
In July, the average home in Toronto sold for $1,062,256 which is an increase of +12.6% compared with last year. The average sales-price is down for the past two months, and I anticipate things to heat up again in September. Anecdotally, I'm seeing some weakness in the housing market. Don't get me wrong, there are still multiple offers and "over-asking" prices. But I'm seeing a lot more...
With an average price of $1,062,256 across the GTA, there was an increase of +12.6% compared to last year.