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As Toronto’s housing market increasingly opens up to buyers, there are certain pockets where homebuyers have even more purchase power.
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Most buyers have room to negotiate as nearly 74 per cent of homes sold for under their asking price in the Greater Toronto Area in May, according to a recent report from HouseSigma.
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Oakville tops the list for the region with the most deals with 86.5 per cent of homes sold for below the asking price.
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More than 85 per cent of home sales went at a discount in King, a township in York Region north of Toronto, and almost 84 per cent of the sales in Georgina, on Lake Simcoe, and Newmarket.
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Scugog, a township north of Oshawa, came next for deals with almost 83 per cent of homes sold for below the asking price.
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Home sales in the Toronto area were up 6.3 per cent in May compared to last year, according to Toronto Regional Real Estate Board (TRREB) data. Condo sales climbed 4.2 per cent.
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Deals are also to be found in Toronto’s condo market, where the median price in May was $549,000, down 7.7 per cent from last year and an average of 3.21 per cent below the asking price.
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Detached home prices have only fallen 2.3 per cent over the last year and sold 2.65 per cent below asking.
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“For buyers, those looking for a condo are getting not only the lowest entry point but also the most room to negotiate, while move-up buyers shopping the firmer middle should expect to pay much closer to asking,” the report said.
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For sellers, HouseSigma suggests adjusting prices relative to comparable recent sales, rather than comparing sales from last year.
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“With the Bank of Canada keeping borrowing costs steady, neither side is waiting on cheaper money any more, and the task now is reading where each part of the market actually stands, which in May meant three very different places,” the report said.
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Overall, homes sold for a median price of $922,050 in May, down 4.4 per cent from last year, but up 3.3 per cent from April.
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