If you live in Toronto or want to live in Toronto, you know that for years and years now we’ve all been hearing about just how crazy the real estate market in the city is. Many houses are being sold just days after they go on the market.
So, it might come as a little bit of a surprise to learn that there are a significant number of houses in the city that are completely empty.
That news may surprise you, but the reason likely won’t.
Despite what we’ve all heard for years about how the city is getting more expensive for home buyers, there does seem to be a ceiling to how much people will pay for a home.
Over a quarter of the houses for sale in the city are completely empty right now, according to a new report.
The reason: people are not willing to pay what the asking price of the house is.
Essentially, people are moving into a new place to live and are leaving their old house empty until it sells.
The only problem is that many of the homes are not selling because the owners want too much money for them.
So around 28 per cent of houses currently for sale in Toronto are completely empty.
Many people with a now empty home for sale are refusing to bring down their prices, clearly hoping that they can wait out the market long enough to find someone who will pay their asking price.
But, a recent Supreme Court ruling allows real estate agents to post home sale data online, giving people access to information that allows them negotiate a fair price for a home.
The fact that not everyone is willing to pay over market value for a home in the city is a good sign for people hoping to one day own a home in the city. It shows there is a limit to how much a house can cost in Toronto.