But for real estate professionals in the GTA, the climate of consistently overheated growth has made life only harder, as home searches now take much longer and anxieties regarding the market’s sustainability abound.
“I’m the guy who’s punching my client in the stomach,” Chaddah admitted, referring to all the times when he has to notify his clients who have not successfully acquired the houses they have placed bids on.
“Unless you’re some kind of masochist, who enjoys doing that?”
Among the most prominent aspects of the Toronto market is the enduring lack of supply, which so far has not been able to keep up with the high levels of demand. Data from the Toronto Real Estate Board’s MLS systems revealed that as of February, the number of new listings has declined by 12.5 per cent year-over-year, down to 9,834.
Chaddah noted that this has led to intense bidding wars for houses and condo units, with some clients even going so far as making 6 to 7 offers to no avail.
“It’s demoralizing,” Chaddah said. “You get buyers who just give up.”
Hamilton-based agent Chris Carroll of Royal LePage State Realty noted that based on his transactions, the red-hot activity has already spread well beyond the megacity area.
“The Toronto influence has been so huge that people come in and throw money at the housing market in a way we’re not accustomed to,” Carroll said. “As long as Toronto remains unaffordable for a lot of people, Hamilton’s attractiveness will increase.”
MBN
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