The semi-detached house 910 Eglinton Ave. East sold for $1.190-million after being listed with an asking price of $1.199-million. No bids landed for nearly three weeks.National Bank of Canada economist Daren King sees an intriguing trend emerging in real estate this spring: housing markets in various parts of Canada are evolving differently under diverging economic forces.
“While stretched affordability is weighing on demand, we suspect subdued sales also reflect buyers biding their time ahead of potential interest rate cuts,” says Ms. Cross, who expects the Bank of Canada to begin loosening in July. Patrick Rocca, broker with Bosley Real Estate, has noticed a shift in the Toronto market in recent weeks. Rising inventory allows house hunters to be circumspect.
He says some sellers are still setting aggressive asking prices, but when buyers don’t jump on it, a listing can appear stale. The five-bedroom house at 77 Baby Point Cres. was built before ravine conservation rules came into effect, says Mr. Dalinda. As a result, the property has plenty of table land for the pool, terraces and gardens on a promontory above the Humber River.