Toronto’s fall real estate market is here, and one key question on everyone’s mind is: Are we holding back offers this fall? This strategy—listing properties below market value to trigger bidding wars—has been a common tactic in recent years. But after a tough fall market last year, many are wondering if it’s still effective in 2024. Let’s dive into it.
What to Expect in This Year’s Fall Market
Last fall, many properties sat unsold despite aggressive pricing strategies. Agents who underpriced homes to spark multiple bids found themselves disappointed when the market didn’t respond. With that fresh in mind, I’ve reviewed five freehold properties on Toronto’s east side to see if the same strategy is being used again. Spoiler: it is. But will it work?
The Properties:
- 133 Boston Avenue – $1.199M
This four-bedroom, two-bath estate sale in Leslieville feels underpriced for its size and location. With a finished basement and two-car parking, it’s an attractive option, but will the low price and offer date (September 17th) deliver enough offers? Time will tell. - 123 Kenilworth Avenue – $1.249M
Located in the Beaches, this three-bedroom, two-bath detached home is well-priced, but the staging and layout might deter some buyers. Offers will be reviewed on September 12th—will the pricing strategy lead to a bidding war, or will it need to be re-listed? - 148 Booth Avenue – $1.399M
This Leslieville property has a lot going for it, but no parking and a rough basement may hold it back. Still, its offer date on September 12th suggests the sellers are hoping for multiple bids. - 202 Jones Avenue – $1.449M
With three bedrooms, a basement apartment, and two-car parking, this home on a busy street could be a steal. Offers will be reviewed on September 16th, so we’ll see if buyers overlook the traffic and jump at the chance to bid. - 13 Beatrice Street – $1.595M
A detached home in Trinity Bellwoods, this property features multiple bathrooms and a spacious layout, but a confusing photo presentation in the listing might hurt its appeal. Offers are due September 17th.
The Ongoing Challenge with Offer Dates
Last year, by mid-June, only about 10% of properties with offer dates were selling on offer night. Many agents and sellers found themselves stuck with unsold homes as the market failed to meet their expectations. Yet, as we head into fall 2024, agents are still employing this same strategy. Earlier this year, it worked in February and March, but by summer, the market had already cooled.
The question now is whether this fall will be different. Are agents adapting? Or are they continuing with outdated tactics in a market that no longer responds to low listings and offer nights?
What Does This Mean for Buyers?
For buyers, this could be an excellent opportunity. If offer dates don’t lead to sales, there may be room to negotiate. Watch closely for properties that don’t sell on the first try—these could be ripe for making a more competitive offer after the offer night passes.
Final Thoughts
The fall real estate market in Toronto is shaping up to be an unpredictable one. All five properties I reviewed are holding back offers, but whether this tactic will succeed is up in the air. I’ll be watching closely to see if these properties sell on offer night or if the market is cooling faster than anticipated.
Stay tuned for updates as the fall season progresses. If you’re a buyer or seller, this is the time to pay close attention to market trends and be ready to adapt.
Thanks for reading this week’s Pick Five!
Be sure to like, comment, and subscribe for more insights into Toronto’s ever-changing real estate market. See you next week!