October 12, 2007
Posted October 14, 2007 12:00 pm.
This article is more than 5 years old.
A caller wanted to know if it’s possible to negotiate price when buying a condo. Dan Ellenberg from sellwithdan.com answered, “Generally speaking the price is the price and it’s very difficult to get the builder to come off it. Periodically there’ll be the option of getting a $5,000 upgrade but you’ll probably know that before you go in [to the sales office] because you’ve probably done your homework.”
Scott McLellan from Tridel went into detail about how sales in Toronto have been really strong. “For every one house that’s listed you have 10, 15 or potentially 20 people who want to buy it. It’s the result of a huge demand and not a lot of supply. We just went through a record summer in Toronto. We haven’t even come close to matching sale numbers in previous years. This is traditionally one of the stronger times of the year.”
Dave Currie from Monster Mortgage answered a caller’s question about whether it’s a buyer’s market. “We’re in a situation now going forward where we won’t be able to come up with the supply and that’s one reason new condominiums are doing well. People see the prices they’ll have to pay if they move, but we’re not seeing many listings coming into the market. With the incredible demand it will be a seller’s market for a while.”
