- Multiple offers are increasing for homes valued under one million dollars in Toronto, while prices remain stable and the competition moves faster and more fiercely, according to real estate agents in the city.

This became clear to Toronto real estate agent Anya Ettinger when she made 27 offers to buy a home in Bloor West listed at just under one million dollars, which was eventually sold for an amount exceeding the asking price by 400 thousand dollars earlier this month.

Ettinger said, “This is happening more and more frequently." Since the third week of January, Ettinger said she has noticed an increase in the offers being made.

The shock swept the real estate community when 85 offers were made to buy a home in Mississauga sold for under one million dollars last month.

Justin Brigman, the real estate agent representing the sellers in that deal, also said that the market has become more competitive than it was just a few months ago, and as a result, homes are selling much faster.

Brigman stated: For homes under 2 million dollars, and 1 million dollars, we are witnessing a barrage of offers and competition.

He added that in October, November, and December the market was slow and sellers were struggling to get offers, paving the way for negotiations.

Brigman said: Anyone who bought in October, November, and December seems like a genius now.

But now, Brigman said it is possible that prices will start to rise in tandem with the expected interest rate cuts that many economists anticipate beginning in June.

The Toronto Regional Real Estate Board (TRREB) expects the average home price in the city to rise to $1,170,000 in 2024, with more buyers returning to the market.

Months before the successive increases in interest rates, the average sale price of a home in Toronto peaked at $1,334,062 in February 2022 before dropping to $1,037,542 later that year.

Brigman said: So, there are people trying to get in

now before prices rise further.”