The spring market is in full swing across the Greater Toronto Area, with activity and prices inching up week after week.
With inventory at historically low levels offering few places for pent-up demand to go, bidding wars and bully bids are back in a big way. Several homes across the GTA have sold significantly over asking in recent weeks as buyers attempt to break into the market, a recent instance of which resulted in a record sale in Markham.
The property in question, 18 Bruce Thomson Drive, was listed on May 11 for $1,799,000. Two open houses were planned for the following weekend and an offer date was set.
However, before prospective purchasers could make their way through, the sellers received an offer $551K over asking. In just two days, 18 Bruce Thomson Drive sold for $2,350,000.
The sale price is the highest on record for the property type and size in the north Markham area, listing agent Hiuyan Bow told STOREYS.
"We'd strategically priced the home slightly under market value in order to get more eyes on it. So we expected it to sell over asking, but not at this price," Bow said. "Similar properties in the area, and even some larger or newer ones, haven't reached this price."
While a detached home in a quiet neighbourhood is sure to garner attention, Bow believes the elevated interest in 18 Bruce Thomson Drive -- there were 30 showings booked by the second day it was on market -- is due to the numbered address.
"There's a large Chinese community in the area, and 18 is one of the most sought-after numbers in Chinese culture," Bow said. "Eighteen brings an abundance of wealth. It's a very coveted and lucky number. The previous record sale in the area was for a similarly numbered home."
- Address: 18 Bruce Thomson Drive
- Bedrooms: 4
- Bathrooms: 4
- Size: 2,500-3,000 sq. ft.
- Soldprice: $2,350,000
- Listed by:Hiuyan Bow, Living Realty Inc.
Located on a quiet street near schools, parks, and community hubs, the brick abode sits atop a perfectly lush lawn and manicured gardens.
Double front doors lead into a spacious tiled foyer, while hardwood floors carry into the open living area. The space flows into the formal dining room, which features wainscotting and a large window, and into the family room, with its gas fireplace and built-in cabinetry.
The upgraded kitchen offers stainless steel appliances, granite countertops, and a large island, while the adjoined breakfast area leads out to the large, fully-fenced backyard.
A skylight floods the second level with light. A large landing, with built in shelving, could function as a home office, study space, or lounge. There are four bedrooms and four bathrooms throughout the home. Overlooking the backyard, the primary suite features a five piece ensuite and a walk-in closet.
While its sale price may be based on luck, the flurry of activity thrown on 18 Bruce Thomson Drive may be a sign of things to come.
"I think the past six to 12 months have been a little bit tricky, but we're really starting to see a strong comeback in the market," Bow said. "People have been waiting and saving. The demand is very much there."
"The Markham market is holding quite strong. We're really starting to see these types of prices become a trend, and I think this is a sign of things to come."