A recent Globe and Mail article had the following information on done deals in and around Toronto. Some very desirable Toronto Real Estate locations had multiple offers that  increased the selling price and these homes sold very quickly.

Royal York and Eglinton

83 North Drive
Asking Price:$929,000
Selling Price:$957,250
Taxes:$6,979 (2006)
Days on the market: six

Eglinton And Laird

292 Airdrie Rd.
Asking price: $699,000
Selling price: $822,930
Previous selling price:
$305,000 (1994)
Taxes: $4,112 (2006)
Days on the market: eight

Eglinton And Bayview

74 Parkhurst Blvd.
Asking price: $599,000
Selling price: $686,300
Taxes: $5,005 (2006)
Days on the market: 10

Markham

127 Elgin St.
Asking price: $2,495,000
Selling price: $2,290,000
Taxes: $17,900 (2006)
Days on the market: 21

Most if not all of these properties are situated in demand locations and have custom features that most buyers want and are willing to pay for. When buyers pay $124,000 and $87,000 over asking price there are many reasons why the final selling price is so much higher. The final price is determined by what a buyer is willing to pay even though it is over the original asking price and what the owner is willing to sell for.

You can see more available listings on my Toronto Real Estate website that includes both homes and condos for sale.

Iris Li
www.torontohomeandcondo.com