If you ask realtors and economists, they’ll tell you the spring real estate market has been surprisingly robust compared to expectations. It’s only when you zoom in on submarkets that the more troubling trends appear.
The overall picture has economists reaching for intangibles as a way to explain it. At least, that’s what TD Bank economist Rishi Sondhi appeared to do in his April 8, housing report that noted “favourable weather conditions” were among the factors for why the first quarter of 2024 has been stronger than the bank’s December forecast. Mr. Sondhi also said a release of pent-up demand helped explain why B.C.
“The price point where there is overbidding has moved upwards, in the last four or five months,” said Wahi CEO Benjy Katchen. “It was a common theme in the neighbourhoods that had the cheapest price points … it was right around a million and a million-five,” he said. In 2024, the overbid price began to move north of $2-million, with a lot of activity in the 905 suburbs of Toronto.
. “Often the assignors are struggling on the profit end, some of them are even underwater. Our buyers are getting great deals, they are certainly buying at market per square foot, or below market.” Where he sees condo bidding wars is in unique properties, loft spaces or other buildings that eschew the cookie cutter of newer-build high-rises.