Toronto market is crazy hot, what are you experiencing in your ma

[Mike Jakobczak]

Hey Everyone,

It's been awhile since I've been on but always enjoy the discussion I have on here. I just wanted to see what everyone else is experiencing in their local markets or just markets they are very active in.  

I've been focusing on my home town market, Toronto for the last 12 months as it's just become bananas in terms of 10-year low inventory levels. Which is obviously causing prices to jump.  We are seeing a yearly jump about 25% increase year over year right now. Which with an average home price of $888, 000 is high.  

I only follow a few other markets and wanted to see what everyone else wether it be Canadian or US are seeing in terms of their local markets. 

A big pet peeve of the Toronto market is pretty much everything under $2,000,000 is now being marketed as bidding wars and it's almost impossible to find anything not listed like that. Which is making pricing jump to even higher as buyers are becoming frustrating and paying much more then they should. As I am also licensed and help buyers out all the time.  Which is also frustratign for myself finding good flips or rentals that I'm not dropping big money to land the 'deal"

The market here reminds me a lot of when the foreclosures were on the rise and I was bidding with 10-20+ offers on properties in Atlanta, Ga. The only thing is here I'm not buying property for under $100,000. So it's pretty intense to see how many offers are going in on properties of much much higher value. 

Looking forward to hearing about your markets.

Cheers,