Ladies & Gentlemen, Toronto Real Estate Market is Hot.
Friday Mar 06th, 2020
There's lots of potential buyers out there with lots of money available to invest.
I just sold a property in Toronto West where the seller saw over 100 showings in 5 days and received 19 offers. A couple of days later, I inquired about a detached home that had 30 registered offers.
On March 4th, 2020, due to Coronavirus social & economic impact, the Bank of Canada decided to cut Interest Rates (Lower Overnight Rate) from 1.50% to 1.25% (and more cuts can be expected). This happened one day after the US Federal Reserve had done the same.
"Gasoline has just been thrown into the fire", like I read somewhere regarding Real Estate in Toronto.
If the market was already hot, now it's exploding, because lowering interest rate might give more people the opportunity to get into the market and start house/property hunting.
This is an awesome time for those retiring or even downsizing.