Hesitant home buyers tap the brakes on April sales drive

Traditionally, May represents the zenith of sales and prices in the Toronto-area real estate market. This year may be different.

Andre Kutyan, broker with Harvey Kalles Real Estate Ltd., says the pace seemed to change almost week-by-week in some neighbourhoods during April. The most noticeable shift came around the middle of April.Sales in the Greater Toronto Area dipped 5 per cent in April from the same month last year, according to the Toronto Regional Real Estate Board, while new listings shot up 47.2 per cent in the same period.

Around that time, a two-bedroom east-end home was listed with an asking price of $1.099-million. Based on recent comparable sales in the area, the house was likely to sell for approximately $1.3-million.The property received two offers and sold for $1.2-million.He figures the same cautious approach to competition may have dissuaded other potential buyers.

After two consecutive month-over-month increases, the share of GTA neighbourhoods in “overbidding” territory fell to 39 per cent in April from 43 per cent in March. Ms. Lewis recently booked a stager for a house she was planning to list for move-up buyers who were bidding on another property. She had to cancel the preparations because the clients were unsuccessful in the competition.Ms. Lewis recently sold a four-bedroom house in Riverdale with multiple offers after she teamed with Lou-Lou’s Flower Truck for a pop-up outside the weekend open house.Andre Kutyan, who listed the home at 9 Craig Cres.

After Mr. Kutyan set a date for reviewing offers, four bidders competed for the house at 9 Craig Cres.

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