If the real estate market is falling off a cliff in the city of Toronto, don’t tell the dozens of potential buyers who were eager to check out a cute detached home for sale in the east end. The listing on West Lynn Avenue near the corner of Danforth and Woodbine sold for $200,000 over the listing price in just four days.
“I think it was a reflection of buyers being cooped up in their condos or rentals and general confidence in people willing to leave their homes knowing to be safe with masks and gloves,” says listing agent Jamie Dempster, broker at RE/MAX Hallmark Jamie Dempster Group.
“Also, first-time buyers are nervous that they might miss out on what they feel is a COVID discount. But with everyone thinking that at the same time the market has been pushed back up again,” he added.
According to the most recent sales report from the Toronto Regional Real Estate Board, sales for the month were down a whopping 67 per cent but prices held strong. The average selling price across all housing types and throughout the board area in the GTA in April was $821,392, which is up by 0.1 per cent compared to the average price of $820,373 reported for April 2019.
The semi-detached and townhome market segments, traditionally first-time homebuyer territory, are up. While detached and condo prices fell. This home, though detached, falls into the popular first-time homebuyer category.
The detached two-bedroom, two-washroom home is located near East Lynn Park in a pocket of affordable family homes. The home had some recent updates including a two-storey addition with a nice gourmet kitchen and renovated basement with separate entrance.
According to Dempster, the home, which was underpriced to some degree to generate interest, had 60 showings.
“I didn’t expect that amount of interest based on COVID,” he says. “So it was the right price point and people’s desire to get into the housing market.”
There were two bully offers on the home, which was listed at $799,900.
As the weather improves, and the economy begins to reopen, however slightly, people will have more confidence to engage the Toronto real estate market. Dempster thinks things are already improving.
“I would say the market is bouncing back to last fall’s numbers,” he says. “Maybe still off January, February 2020 numbers. But not that far off.”