Toronto buyers forced into last-ditch measures amid overheated market

by Ephraim Vecina06 Jun 2016
The intensity of competition in one of Canada’s most overheated markets has reached near-crippling levels, with many buyers being driven to desperation in the crazed rush to get the best properties for themselves.
 
As reported by Meredith MacLeod of CTV News, a significant number of would-be buyers in Toronto have started resorting to last-ditch measures like letters, online ads, and even personal visits to potential sellers, all to beg for homes.
 
“The most recent was a young family so frantic to find a home, they printed up glossy postcard-type flyers featuring happy photos of themselves that they delivered in their target neighbourhood, hoping to find a sympathetic seller,” MacLeod wrote.
 
“The market is crazy right now,” real estate agent Mitch Parker said. “This is the extreme side of things, I would say. Having a letter with your offer explaining who you are or about your family or if you are going to revitalize the house, how it’s going to improve the neighbourhood, that’s not a new tactic. That’s been around for a very long time.”
 
The latest figures from the Toronto Real Estate Board (TREB) showed that the number of new listings in April plummeted by almost 10 per cent on a year-over-year basis, the second consecutive year that such a drop was observed.
 
The TREB added that the sales-to-new-listing ratio reached a record high of 75 per cent, even as the average home price grew by 13 per cent over the past year to break the $1.2-million mark.
 
Inventory level in Toronto went down to 4.7 months, the lowest in six years.

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