I couldn’t believe it when I saw it.
Even though I expected it.
My friend Melanie Piche, who has an amazing real estate team in Toronto, did some analysis of increasing value of homes by the DAY in Toronto. While you were sleeping, your home has been going up incrementally in 2016… by a lot.
In fact, here are the numbers for Milton:
Condo Townhouses -$179/day
Condo Apartments +$13/day
Freehold Townhouses +$174/day
The average home in Milton has gone up +$186 a DAY. That means more than $1,000 per week since January 1st.
That presents some interesting dilemmas for buyers and sellers. For sellers, how do you get a HUGE launch so that more buyers hear about your home in the first 24-48 hours? It’s absolutely critical to “hulk smash” your listing on the market. I’ve seen a few homes that don’t even have photos in the first three days, and I can hear the toilet flushing on the sellers’ bottom line.
For buyers, it may be a strategic decision to “slightly overpay” on the current house, knowing that the next one will be higher, and the one after that will be higher, too. Ultimately, buyers need to be prepared for a longer, more emotional process than they ever have, and they must have good advice and know when to walk away.
I’ll give you some thoughts on both in the video. Plus, if you think prices are high now, imagine what people were saying in 1988. Oh, that’s right. People always complain about high prices. 🙂
Remember that some of the average sale numbers above may not be completely accurate because of small sample sizes. We only have 5-15 condo sales and condo townhouse sales per month… so one big or small sale can skew the numbers. Even though condo townhouses have the lowest increases, we’ve seen a few that have crossed the $400k mark, which has NEVER happened before (last year it was rare to see any condo town over $350k.