Eastyorkliving
290 Merton St M4S1A9 Toronto, ON, Canada

this would be catastrophic to the majority of peoples nest egg and it "could" happen ...likely wont but dont discount it or the Libs..

MARKET UPDATE FOR THE WEEK ENDING MARCH 26TH, 2021 As home prices continue to sky-rocket, one common practice we are seeing all across Canada is the blind bidding. When multiple buyers bid on a property, they have no idea what their competitors are offering. Many bidders aim high in hopes of beating out everyone else, driving up prices as excessive bids set new precedents for a neighbourhood. Houses in the city of Toronto are selling from $100,000 to $700,000 over the asking ...price, according to sales data. Bidding wars, unconditional offers and no home inspections are now common in small cities that have never experienced a market this competitive. Keep in mind some real estate agents set unrealistically low asking prices in order to create interest and whip up a frenzy of bidding. The shortage of properties for sale has created this competition and pushed prices up in many areas since the start of the pandemic. Would an auction process be the way to go like they do in Australia to slow down the price increases? Bids are kept secret in Canada and no would-be buyer knows what the others have offered. In Australia, the process is transparent - where buyers stand out front of the property and openly bid through an auction. Since all bids are public, no one bidder has an advantage. The system there isn't perfect either. Despite the protections, some first-time homebuyers in parts of Australia still feel shut out, due to rising prices and intense demand. Regulators have so far been reluctant to tinker with rules around the bidding process. In a free market, a house is worth what someone is willing to pay for it, is the long-held position of the Real Estate Council of Ontario. Agents are obligated to work in the best interests of their clients. Some existing rules protect buyers in a multiple offer situation. For example, realtors must present offers in writing, and brokerages must disclose the number of competing offers, but the price and other conditions cannot be disclosed. Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Virtual Agnes Macphail awards...so different..congrats to this year's recipients....welcome to the club!!well deserved!!

MARKET UPDATE FOR THE WEEK ENDING FEBRUARY 26TH, 2021 Buyers are spending more money on home purchases in several major Canadian cities, even as the COVID-19 pandemic causes layoffs and income reductions across the country. The Canada Mortgage and Housing Corp. said Thursday that home sales have shifted toward more expensive housing types in Vancouver, Toronto, Ottawa, and Montreal in recent months. Expensive homes are outselling modestly priced houses and condos. High unempl...oyment among lower income workers, coupled with fewer immigrants, has diminished demand for more moderately priced homes. The higher income households are continuing to manage and cope with the pandemic, have kept their jobs and their salaries are increasing, so demand at the higher end of the market probably reflects this. In Toronto, that translates into a growing price gap between detached homes and semi-detached properties and in some cases, dozens of competing offers are driving up house prices at a rate that is beginning to look worrisome. The number of homes that sold in Toronto in the $1 million to $1.25 million rose from 8.8% to 12.1% between March and October. In the meantime, average household savings rates rose from 2% at the end of 2019 to 27.5% in the second quarter of 2020. This report comes a day after Bank of Canada governor Tiff Macklem suggested there were signs of excess exuberance in real estate, with people buying homes based on the belief that prices will continue to rise. But he said the market is not yet at the level of frenzy Toronto saw five years ago before governments stepped in with cooling policy measures. Governments looking for ways to slow down the market should wait and see if more listings come online in the spring to help lessen some of the competition in the market. With easing restrictions and vaccinations coming soon Sellers might be more comfortable listing their homes. Bosley Real Estate Ltd. is a full-service boutique brokerage operating in Toronto, Muskoka, Niagara-on-the-Lake, Port Hope and Cambridge, Ontario since 1928. We have three centrally located offices in Toronto and over 250 sales representatives selling and leasing homes and condominiums in all the vibrant communities we work in. Our brand is well recognized internationally thanks to our unique affiliation with Leading Real Estate Companies of the World. Our sales teams meet weekly to discuss market conditions, trending topics, and anecdotes that more accurately reflect the true temperature of the real estate market.

Good news for local beer fans and vegans! Starting this Friday we will be extending our hours and bringing back the eats. The Kitchen will be open 4-9 with you...r old favourites and a few new goodies (expect a sneak peak before Friday). The cafe and bottle shop will also be extending their hours to match. Stay tuned See more

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