Has Toronto Real Estate Officially Killed the ‘Asking Price’?

If I told you I wanted $1 for something but you knew there was no way I was going to let you have it for less than $1.50, you might start to wonder why I had only asked for $1 in the first place.

Now imagine that situation playing out multiple times a day, for hundreds of potential buyers, on nearly every kind of low-rise real estate in the GTA….

Speaking with Richard Silver of Sotheby’s International Realty Canada last week about one of his listings on Sackville Street in Toronto’s Cabbagetown neighbourhood, I asked the experienced realtor what he thought the property — listed at $1,999,000 — would sell for.