Bidding war on leases

Recently, I had the opportunity to assist a client in their search for a Bay St. area condominium to lease in the Toronto real estate market. Despite the current market being known for multiple offers and bidding wars, these scenarios are typically associated with properties that are up for sale. However, in this instance, the property in question was for lease. After weeks of searching, we were able to locate a unit at 65 St. Mary St. that was available for $3,200 per month, which included parking and all utilities. The unit was a magnificent, open-concept, renovated-kitchen, north-facing unit overlooking the greenspace and appeared to be a great value for the price.

Upon submitting an offer, I received a call from the listing agent informing me that there were multiple offers on the property. In an effort to increase our chances of securing the unit, we re-drafted our offer and submitted it for $3,500 per month, which was above the listing price. However, upon receiving a call back from the listing agent, we were informed that the vendors would be reviewing all offers on Monday evening at 6:00 PM.

This experience was quite unusual and unexpected as it is not common to encounter such competitiveness in the leasing market. Additionally, it was disheartening to learn that our efforts to secure the unit were in vain as we ultimately lost out on the unit due to the high demand. This experience highlights the need for prospective tenants to act quickly and be well-prepared when submitting an offer in order to increase their chances of securing a unit in such a competitive market. Furthermore, it is important to note that the statement made by the vendor that they were not greedy and simply wanted the right tenant for the property and peace of mind was not an accurate representation of the situation as they were not only expecting multiple offers but also expecting to receive an offer above the listing price.

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