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.
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.
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.
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.
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.
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.