Monday, February 9, 2015

As winter chill sets in, Toronto’s luxury housing market burns hot

The Globe and Mail

For everyone bracing against Toronto’s deep freeze this week, spring seems a distant chimera.

In Toronto’s real estate market, however, spring begins about the third week of January. 

Patrick Rocca, a broker with Bosley Real Estate Ltd., is beginning to get calls from homeowners planning to sell. But for now, he says, the market remains very slow in midtown Toronto.

Mr. Rocca, who specializes in the Leaside and Davisville neighbourhoods, says there are very few houses on the market. While Christmas sometimes brings dramatic deals just as people are sitting down to holiday meals, Mr. Rocca didn’t hear of any coming through his office this year.

He represented a couple of downsizing clients who had sold their houses in October and November and each made condo purchases in December. They didn’t have to compete, he says, but one paid the full asking price while the other paid slightly less.

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