What? ! Does the competitive bidding war recur with the housing stability of Toronto?

2019-08-31 Rifo

Cory Ingwersen is one of many house buyers in Toronto. He started to look for house earlier this year. At that time, the real estate market in Toronto was relatively peaceful. However, Ingwersen encountered the bidding war repeatedly. Ingwersen said, there were persons who paid at the price higher than 10% even 20% of charge every time, which completely exceeded their expectation. 32-year Ingsersen said "I feel very frustrated" in interview.

 

So to speak, among many house purchasers in Toronto, Ingwersen isn't the only person who encounters such condition. The people engaged in the real estate industry of Toronto say the bidding war is making a comeback in this city. Due to the officers tighten mortgage loan rules, levy the tax of foreign buyers and take other measures to restrain price, the house market in Toronto cools down obviously. But now, the bidding war recurs beyond people's acceptable range. As the first brand of housing service in North America, RIFO owns the professional team and tries the best to solve the real estate problem in house purchase for you.

 

David Larock, the mortgage loan agent of Toronto, when received BNN Bloomberg interview on July 11, indicated: "The heaven doesn't fall down, and the reduction of interest rate makes people increase their house market enthusiasm again."

 

The latest data of The Toronto Real Estate Board (TREB) display the house sales volume in Toronto in Jun. increased by 10.4% than that in the corresponding period of last year. In the meantime, the average sales price increased by 3% and to $832,703 than that in June last year due to the rising of sales volume and the reduction of new listed houses.

 

For the region of bidding war, the real estate broker Ira Jelinek points out that the bidding war mainly occurs in the region with scare supply of houses and the area with cheaper housing price in the downtown of Toronto. Jelinek said, "the houses could be sold out rapidly as long as price is close to that at fair market in downtown, while the house with higher price in the outskirt of downtown will remain at market for longer."

 

After two-month severe hunting, Ingwersen and his wife finally purchased an old row house in Cabbagetown communication of Toronto. Beavers said: "he and his wife know the listing first, and like the house very much. That house is the best one we have known so far." RIFO is the first professional housing service team in North America, and our professional team will accurately and rapidly screen the house truly suitable for you in RIFO big database.


So to speak, among many house purchasers in Toronto, Ingwersen isn't the only person who encounters such condition. The people engaged in the real estate industry of Toronto say the bidding war is making a comeback in this city. Due to the officers tighten mortgage loan rules, levy the tax of foreign buyers and take other measures to restrain price, the house market in Toronto cools down obviously. But now, the bidding war recurs beyond people's acceptable range.

 

With the recurrence of bidding war, the mortgage loan broker Larock indicates: "Buyer shall have sufficient planning before proposing their quotation, including the total price of house, real estate fees and bank loan amount. And they would not be influenced by emotion in bidding war after sufficient plan and preparation." The buyers can contact RIFO, and we will provide you with the all-round planning, preparations and opinions before house purchase to help you find out the ideal home in your heart. 


By BNN Bloomberg

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