Toronto condo sellers must accept 'new reality': Buyers in no rush

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Single-family homes are selling briskly in Toronto, but condos are likely to stay on the market for a while as builders complete new projects and buyers can pick over the substantial inventory, The Globe and Mail reports.

Christopher Bibby of Sutton Group Associates tells the paper it took three months to sell a two-bedroom condo he represented in a “highly desirable” downtown building because there were 10 other similar units for sale in the same building.

Geon van der Wyst of Royal LePage Real Estate Services Ltd. says the “new reality” for condo sellers is that if they set asking prices too high, buyers won’t even come forward with a lowball offer. Source: