Here's an example
Alright, this is an anecdote so take it for what it's worth.
A house near me 'went up for sale' yesterday but it didn't even make it to getting listed because someone heard about the impending sale and made a crazy bid.
To put things in perspective, a year ago, a very similar house up the same block sold for $315,000 after sitting on the market for a couple months.
The house that just sold is finished more nicely and looking at the pictures, it might be a tad bigger. So let's be generous and say it was worth $360,000 a year ago.
Since then, housing has gone absolutely bonkers.
It was listed yesterday at $479,900.
The sale price? $590,000.
That's a +60% year-over-year increase.
It's the same thing everywhere. Every house is selling +$100K over the already-inflated asking prices.
Again, this is all anecdotal but it's a market that's gone mad. The government unveiled some measures to try to cool it off a bit yesterday but it's already way beyond saving.
Keep in mind, this is 100 miles from Toronto. Want an idea of what you can get in the city? This beauty on at 25x90 foot lot is listed downtown Toronto for $1.2 million and it's a tear-down.
