Who says it’s only hot on the left coast? Toronto’s condo market has been the definition of “hot” throughout the summer.
Toronto residential sales spiked 15% in August compared to last year. Condo sales are up 22%. Downtown they’re up 32%!
The sales-to-listings ratio for condos in downtown Toronto is now an astounding 90%. 25-35% is typical.
While it’s slowed down a bit in September, RE/MAX Condos Plus says, “multiple offers are the norm,” and advises to beware of the “phantom offer.”
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