Friday, 24 February 2017

Real Estate Bidding War in Birch Glen!

Can you believe that an attached townhouse in Birch Glen recently sold for $130,000 over list price?

We all have heard there is a real estate boom in the GTA with constant bidding wars where offers are well above the asking price. And, yes, we acknowledge that sale prices within the neighbourhood have generally been $10,000 to $40,000 over list during the past 12 months (through 2016). However, we were not totally prepared for this latest hike.

House prices in Birch Glen have been steadily on the rise over the past ten (10) years -- a somewhat slow slog at first, but a meteoric climb in the past year. It has been encouraging to see residents and homeowners ask a going market rate, and even more encouraging to discover buyers were not only willing to meet the asking prices but, in some cases bid higher! Prices for townhouses, attached and semi-detached houses are in the range of average house prices for Mississauga. Prices for detached houses are only slightly below average for Mississauga, but are edging up.

Talk in the newspapers seems to predict a slowdown or downturn in house prices on the horizon. We will simply have to keep our eyes and ears open as houses go on the market. For now, it appears to be a boom for sellers. And what a boom!