The media love a good story and the business press loves to dive into numbers and focus on the bad because it gets the views. When you look at the Toronto housing market news coverage you’d think that everything is on the verge of collapse. But the problem with some of these reports is they just look at the overall Toronto market. If you compare the Markham housing market to what’s happening in the area you’d see some huge differences.
Parts of Toronto are suffering from a market slow down for various reasons. Homes and condos in the Markham area are sitting on the market for over 30 days. When you compare that to units being sold in the building you see a completely different market.
Understanding the local market is key to helping a condo owner get the correct price for their unit. If you are thinking of selling your 707 Loft condo please contact us to see if we can work together to get you top dollar for your property. As we have mentioned having a real estate agent who thinks that potential buyers can get a key to inspect your unit from the concierge in the building is not going help you.
Back to the comparison of data for the 707 Lofts when looking at the whole of the GTA. According to the Toronto Real Estate Board stats there were ten sales in the building last year. You can see that like most of Toronto 1 bedroom units are now well over $400,000. What is most interesting is the number of days it takes to sell in the building on average. The stats say under six days. It is important that if you place your condo on the market that it receives enough time to generate as much interest as possible. In some cases, buyers might have been waiting to purchase in the building and they will offer over asking once the unit is listed. But unless the offer is well over asking; has your property been marketed correctly to the largest audience? We will ensure that happens with our professional services.
The building meets one of the areas that is not being served correctly by the Toronto real estate market. TREB has been working on its year-end report and it talks about the missing middle in the housing market. The missing middle market is between single family homes (detached, semi-detached) and large high-rise units (think Liberty Village condos). While the report talks about different solutions the 707 Lofts are a perfect example of existing homes that fit into the middle. The close by transit options is another huge bonus for the building. The report is interesting reading but it just confirms what we already know, some buildings are better than others.
Below is the TREB market report that discusses the overall market.