Visiting Canada this week I had the opportunity to speak with a family currently selling their home and buying a new one. The family has bought and sold a house three times in the last five years, so they are a good data point on the recent housing market around Toronto.
It seems that the market in Southern Ontario, just west of Toronto, is getting strong. The family is looking to trade up so they are selling their current home that they have fixed up for about $210K. And they believe they have found a better home nearby for about $250K that is both bigger and nicer. But they searched hard for that house, and after looking at more than 20 homes, they were amazed at what little $250K – $300K could buy. Lots of homes were run down, seriously outdated, or not well-maintained.
In the States (what Canadians like to call the U.S.), not many home sellers could get away with putting a home on the market that wasn’t in perfect condition. Most areas in the U.S. are still struggling after a massive downturn. But in some areas of Toronto, there is a return to bidding wars. Hopefully this is a leading indicator and the U.S. is not far behind.
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