SOURCE: Casey Ragan - The Condo Life

The Condo Life

May 09, 2016 10:07 ET

Toronto Condo Bidding Wars Now Common Reports Realtor Casey Ragan

Toronto Realtor Casey Ragan, a Specialist in Toronto Loft and Condominium Real Estate, Reports That Bidding Wars Are Now a Common Occurrence in the City's Red Hot Condo and Loft Market

TORONTO, ON--(Marketwired - May 09, 2016) - Toronto condo specialist Casey Ragan, a sales representative with RE/MAX Hallmark Realty Ltd., Brokerage, and owner of the Toronto condominium real estate website (www.TheCondoLife.com), has his eye on the city's red hot residential condo and loft housing market. Ragan, who focuses exclusively in condos and lofts, has noticed that bidding wars have recently filtered over from the Toronto freehold real estate market into the condo and loft market.

"Bidding wars started with Toronto lofts in late 2015 because they are a unique property style that is in high demand with low inventory levels. This year, bidding wars have crossed over to condominiums in popular buildings in downtown Toronto. Even though the city skyline is covered with cranes, as new condo developments take shape, they get sold in a hurry. There is actually limited selection on the market right now. With demand at an all-time high, it was inevitable that potential buyers will compete for preferred condo inventory when it does come up for sale, just as they have been doing for several years for freehold properties," says Ragan.

In fact, the condo market is so hot in Toronto that listing agents often hold back offers with the certainty that a bidding war will ensue. Casey Ragan believes that condominium bidding wars are being triggered by several factors motivating buyers, with affordability and convenience the prime driving force.

"Freehold detached homes in Toronto, with the average house price pushing towards $ 1 million dollars, are entirely out of reach for many, particularly millennial couples who have not attained their peak income years. Convenience to jobs and amenities are also key factors, as commute times from the suburbs get longer and longer. A high percentage of professional jobs are in downtown Toronto and consumers want fast door to door convenience when it comes to commuting from home to office. Many forgo cars and put that money towards their condominium down payment. Car rentals and car ownership pooling are both inexpensive ways to ditch the family car and use that money towards home ownership. With public transit being so accessible and condo properties often running private shuttle services to the downtown core, there is less reason to own a car when your home is only minutes from the office," explains Ragan.

"After years of speculation about a pending housing bubble in Toronto, we now hear less about the possibility, because despite all the new developments in Toronto, builders can't keep up with demand. The laws of supply and demand dictate the heat of the market. There are at least 50,000 new people pouring into Toronto each year that need housing. With no end in sight and cheap money available on the mortgage market, it appears that the party will continue at least for the foreseeable future," adds Ragan. 

About TheCondoLife.com: Toronto's Condo Authority, Casey Ragan, is a sales representative with RE/MAX Hallmark Realty Ltd., Brokerage and one of the most sought-after condo and loft agents in Toronto. With years of experience working with buyers and sellers ranging from entry level units to million dollar luxury suites in some of Toronto's most exclusive neighbourhoods, Ragan's objective is to ensure that each client gets the personal attention and the benefit of his experience, honesty, and commitment to detail. Always on top of market conditions, Ragan has an eye for finding great value in very heated market conditions. TheCondoLife.com offers the latest in condominium and loft market intelligence and trends that are the underpinnings in determining value equation as it relates to resale and new condo purchases. For more information about Casey Ragan and the Toronto condominium and loft market, visit www.TheCondoLife.com or call 416-486-5588.

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