Interest rates are dropping, and the city’s real estate market is opening up after years of uncertainty. A major factor driving new activity is the CMHC’s recent rule changes, which have made it easier for first-time homebuyers to enter the market. Savvy sellers are taking advantage, strategically pricing their properties to attract eager would-be owners and spark bidding wars. Here, three agents representing three very different properties share how they successfully sold for more this winter.
Related: “Listing at market value won’t work”—Three agents explain how they sold for more
The place: A two-storey century home with a finished basement Listing price: $1,299,000 Sold for: $1,525,500 Date sold: December 12, 2024 Bedrooms: 3 Bathrooms: 2 Size: 1,300 square feet Real estate agent: Colleen Doiron, Property.ca
“This semi had a lot going for it when we listed in early December: a great location and thoughtful updates by my clients, including extra storage, which appealed to young families and condo upgraders. Inventory was low, and many buyers were eager to get ahead of what will likely be a busy spring, spurred by half a year of declining interest rates. So we decided to price the listing at $1,299,000—just below market value—to attract as much interest as possible.”
“The place drew more than 60 potentials, most of them condo dwellers seeking more space near downtown. After six days on the block, we got four offers and sold the home for $1,525,500, more than $226,000 above asking.”
“Chalk up our success to a combination of strategic pricing, low inventory and strong demand for the neighbourhood. Now’s a great time to list, but unknowns like potential US tariffs could impact the spring market. Sellers should act while conditions remain in their favour.”
The place: A red-brick box on a corner lot with a one-car garage Listing price: $849,900 Sold for: $925,000 Date sold: December 17, 2024 Bedrooms: 3 Bathrooms: 2 Size: 1,434 square feet Real estate agent: Honey Choi, Royal LePage Supreme Realty
“With three bedrooms, a garage and a potential nanny suite in the basement, this detached is ideal for first-time homebuyers. We timed the listing to align with the Bank of Canada’s December 11 rate cut as well as the CMHC rule changes. I knew these market shifts would drive activity, so we priced the property a little under value at $849,900.”
“We got more than 40 showings in just eight days, with interest particularly spiking after the rate cut. On our December 17 offer night, we received six bids and sold for $925,000—more than $75,000 over asking.”
“The market is shifting week by week, making it hard to predict conditions for the rest of winter. Right now, seekers are ready to act, but there isn’t much housing stock, so competition is high. Many of these buyers are condo owners who have been waiting years for the right moment to pounce on a bigger home. With interest rates relatively low, people are snatching up good deals fast.”
The place: A three-storey detached near Evergreen Brick Works Listing price: $1,599,000 Sold for: $1,801,000 Date sold: December 18, 2024 Bedrooms: 3+3 Bathrooms: 5 Size: 2,440 square feet Real estate agent: Noni Fenby, Alloway Property Group
“This large family home has three bedrooms, each with ensuite bathrooms—a rarity for this price point. Another major draw was its backyard, which is much bigger than what you typically find here. Last spring, another agent had actually listed the house for close to $1.9 million without any success. So we decided to price lower than comparable neighbourhood properties, at $1,599,000, and then re-list on December 11.”
“It was available for only a week, with steady traffic of two to three showings per day. On our offer night, we received two bids and sold for $1,801,000, more than $200,000 above asking. My clients felt validated by our decision to price lower and boost competition. The timing definitely helped too, as the Bank of Canada’s rate cut and the CMHC rule changes brought a lot of buyers back into the game.”
“February and March are historically good months for sellers, since inventory tends to stay lower than in the spring. However, now is an excellent opportunity for buyers to get better value—prices in a stronger market might have pushed this home well over $2 million.”
Are you an agent who recently sold for over asking? Send your story to realestate@torontolife.com.
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Ali Amad is a Palestinian-Canadian journalist based in Toronto. His work has appeared in publications including Toronto Life, Maclean’s, Vice, Reader’s Digest and the Walrus, often exploring themes of identity, social justice and the immigrant experience.