100 offers on a single GTA house: why scarce listings are further driving up home prices

Every day Alicia Veilleux checks for new homes listed on Realtor.ca. She and her boyfriend have been searching for a two-bedroom house or condo since the fall. They began looking last fall in Etobicoke and Mississauga — just west of their Humber Bay Shores rental.

The Toronto Regional Real Estate Board reported 3,232 active listings in December, a 60 per cent tumble from the 7,892 the same month a year earlier. New listings fell 12 per cent year over year last month, leaving the whole Toronto region with less than a month of inventory . She cites one northwest Toronto semi that drew 100 offers earlier this month. Listed for $849,000, it sold for $1.25 million.

It’s not just that listings are down. It’s that the pandemic has driven demand for detached and semi-detached houses in the suburbs — places with space for at-home work and learning, said Haw. “Durham is on fire and Peel is about the same. If we’re looking at Toronto and York , they both have just over a month in terms of inventory for condos, about a month and a half for freehold . That means you’re getting to Family Day for condos and you’re getting to March 1 for freeholds. In Durham and Peel, it’s a matter of weeks. We’re down to two or three weeks of inventory for both ,” she said.

“People are looking for a detached home but at a price point more affordable than the city of Toronto or York Region. It would make sense that some households may be looking at places like Durham or Dufferin County or Simcoe County. The result, of course, is that you do see tightening market conditions,” he said.

When he was looking through last year’s sales, Kumarasamy said he came across a three-car garage-home about twice the size of the Ajax house he sold this month.

Blame our pm for the open borders policy .

That's insane. Crazy bidding wars with the buyer paying way more than what the house is really worth.

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