74% of GTA neighbourhoods in under bidding territory.

Another Sign of a Buyer’s Market

Toronto has been in a buyer’s market for some time now. This obviously refers to prices and inventory rather than affordability. Higher interest rates have actually made it harder for many people to buy a home. But you’ve probably heard enough about that! If you’re here on Toronto Cash Back looking for a Toronto cash back agent, then you’re probably looking to buy. And if you’re looking to buy, you want to hear some good news on buying.

So, what does it mean that 74% of GTA neighbourhoods are in “under-bidding” territory. Essentially, it means that people in those neighbourhoods are offering less than the asking price.

Is this good for buyers?

Mostly. It means that, in the majority of cases, there’s some room for negotiation. If you had tried offering asking price on a listing two years ago, the seller would have been less offended if you insulted their mother! And for sellers, seeing that $999.999 list price translate in to a $1.6m sale got a little tiresome. So, on the face of it, a little more power back in the buyer’s hands is likely welcome. Of course, it depends on the listing price and the approach of the selling agent. If agents are pricing for offers any time instead of an offer date, the list price is going to be higher and “under-bidding” more likely.

Get A Good Agent

A good agent should be worth their money in any market, but in this market, negotiation is becoming increasingly important. A buying agent that can strike up a good rapport with the selling agent or who has an existing relationship may be able to eke out a little more information. At Toronto Cash Back, we’ll only refer you to teams or agents that are top 1%. Because cash back is great, but only if it comes with