In the heart of Toronto’s Bayview Village, an unprecedented surge in demand for condos is making waves. Despite a steady pricing landscape, the market’s velocity is accelerating, with competition becoming increasingly intense. This trend has been particularly noted by leading real estate professionals in the area.

That became apparent for Toronto realtor Ray Yang with the sale of a two-bedroom, two-bathroom condo located at 2509-95 McMahon Drive, at the corner of Leslie Street & Sheppard Avenue. Initially listed at $799,000, this property received 17 offers, ultimately selling for $72,000 above the asking price earlier this month.

“This trend is becoming a common scenario,” shared Ray, who has successfully represented sellers in closing deals for their condos in under two weeks. Since the third week of February, Ray has been noticing a notable increase in multiple offer situations, with condos under the $1 million mark in Bayview Village receiving an average of eight to twelve offers.

According to Ray Yang, this particular price bracket significantly boosts the probability of receiving multiple offers. “However, It’s not Toronto market wide.” he adds.

Ray emphasizes the importance of effective marketing strategies for securing swift sales. “A well-staged home will draw buyers’ attention and lead to a higher offer,” he remarked. ”That’s why I’ve never settled for downmarket staging service.”

With anticipated interest rate cuts expected to commence in June, Ray predicts a potential uptick in prices. The Toronto Region Real Estate Board (TRREB) forecasts that the average home price in Toronto could escalate to $1,170,000 by 2024, spurred by an influx of buyers re-entering the market. This comes after a period of declining prices following a peak average selling price of $1,334,062 in February 2022, which later dropped to $1,037,542 within the same year, as per TRREB data.

According to Ray, the current market dynamics are prompting sellers and buyers to act swiftly, anticipating further price increases. “People are eager to secure their investments before the anticipated upward trend in prices,” he stated.

Interested in seizing the opportunity to sell your home in this vibrant market? Reach out to Ray Yang at rayyangrealtor@gmail.com for expert guidance and a seamless selling experience.