One of the most frustrating things for prospective buyers to hear is that house and condo prices are continuing to rise.

We’ve become so accustomed to constant news about the lack of housing supply (with the exception on the new condo sale side) that buyers cringe, knowing this typically translates into bidding wars!

Last week a house in Riverdale was listed for $1,100,000 with an offer date a week away. Seven days and twenty offers later a sold price of $1,725,111 was achieved.

To me there are many concerns with this, but for now, I want to highlight that there were twenty offers on an under-listed million dollars plus home!

You don’t have to look far to see CMHC, Bank economists and other housing commentators saying prices in Toronto will rise in 2015, albeit maybe not at the same pace (8.9% across our city this year).

In highly desirable neighbourhoods (where many of my clients currently live or want to move in to) it will clearly be evident.

On the flip side, if you or ANYONE you know feels that they overpaid for their house in the past few years, call me immediately! There could be a window of opportunity available in early 2015.