Top 5 Toronto real estate stories you may have missed this week

The Toronto real estate market is nothing if not fast-moving, and that means new stories every day about new developments and sales even bigger and more expensive than the day before.

This week has seen a new IKEA store coming to downtown Toronto, a soaring condo market in Oshawa, and an unprecedented number of offers (mostly way over asking) on a Toronto property.

Stay up to date with all the latest Toronto real estate developments with the top five stories from the past week.

1. This Toronto house just sold for $703,000 over asking (PHOTOS)

Courtesy of Zoocasa

A recently listed Toronto house sold for a staggering $703,000 over its asking price. Originally listed for $1,800,000, the house, located at 39 Ferrier Avenue in the Riverdale neighbourhood of Toronto, sold in just two days for a whopping $2,503,000. According to Zoocasa agent Jelani Smith, a few key strategies were used to get the selling price that high.

2. Liberty Village one-bedroom condo receives an “unheard of” 50 offers (PHOTOS)

Courtesy of Zoocasa

The real estate market in Toronto has been ultra-competitive lately, and a one-bedroom condo in Liberty Village received a jaw-dropping 50 offers on it. And not only that, but the winning offer broke the record for the highest selling price ever for a non-loft one-bedroom in Liberty Village.

3. Here’s what a $27,500 per month rental looks like in Toronto (PHOTOS)

Courtesy of Strata.ca

Take a look inside this downtown Toronto apartment that will run you a staggering $27,500 in rent every month. For some larger context, that’s $330,000 every single year. Located at 500 Wellington Street West, this 3,900-sq-ft rental also comes with a massive terrace and private pool, which seems fitting for the price tag.

4. IKEA is finally opening a downtown Toronto location

IKEA Canada

There will be no more schlepping out to Vaughan for Torontonians looking to get their fill of flat-pack furniture or Swedish meatballs because IKEA is opening up a new downtown location. Although it’ll be smaller than your typical IKEA and won’t have a self-serve furniture section, customers will be able to purchase smaller items in-store and order larger furniture items for delivery.

5. Oshawa condo market surges to become hottest in the GTA

Kit Leong/Shutterstock

Housing prices in the GTA reached an all-time high this year, and as home buyers are looking further outside the city, Oshawa’s condo market has been soaring. Property values in the area have gone up nearly 50%, far outpacing other GTA cities like Mississauga, Brampton, and Vaughan.