There was quite a bit of talk in the media this past fall & winter about a real estate bubble and an imminent correction.
Out on the streets though, I think most Toronto realtors would say that they don't see any kind of major adjustment happening.
Did things slow down over the last 6 months? Certainly (although more so with condos than houses). Sale prices levelled-off in some areas and buying activity eased up a bit. The new mortgage rules that were implemented in July had a lot to do with this.
Looking at the first few months of 2013 though, it's the realtors - not the media - who are right once again.
From what I'm seeing, there are plenty of buyers out there right now looking at homes and making offers. And depending on the neighbourhood & quality of product, supply isn't meeting demand.
Two of the last three properties I sold had multiple offers on them.
Remember though, "multiple-offers" doesn't always mean a "bidding war".
Of the two properties I mentioned above, one actually sold for under the list price and the other sold for only $100.00 over.
What multiple-offers do show is that buyer confidence is there.
Many in the industry are predicting a very active spring market for 2013. I don't disagree.
As long as interest rates are low and supply of quality product is tight, multiple-offers aren't going away anytime soon.
If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.