2014 will go down in Toronto’s history as the year of extreme cold and a piping hot real estate market. While we are hesitant to say that the bitter deep freeze is over just yet, the real estate market shows no signs of cooling. This week we witnessed another strong week of multiple offers and frustrated buyers. With daylight savings just a few sleeps away, we are looking forward to warmer weather, drier sidewalks and hopefully more listings.
Freehold listings backed off by a substantial 31.4% this week with the bulk of that reduction happening in the central core. Meanwhile sales have increased by 10% compared to last week and our research indicates that for the third week in a row over 60% of the homes traded at or above the list price. While the central core remained steady, the increase in homes sold was most notable in the entry level homes in both the east and west end.
The condominium market continues to astound. After a brief increase in available units last week, available suites backed off by 12% this week. This decrease seemed to be consistent throughout the entire core. Sales continue to outpace listings. This is creating a more balanced list to sale ratio. This week sales improved by 6.3% over a week earlier however the number of multiple offers has dropped from a high of 25% earlier in the year to a respectable 19% this week.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
BANKS SHOW RESTRAINT ON MORTGAGE RATES ONE YEAR AFTER FLAHERTY’S WARNING
A year after being admonished for cutting mortgage rates too aggressively, banks are demonstrating a new, self-imposed restraint.
SHORTAGE OF NEW LISTINGS FUELS DESPERATION AMONG TORONTO HOME BUYERS
House sales were up just 2.1 per cent in February, year over year, but prices jumped 8.6 per cent as buyers battled bitter weather and a shortage of new listings in what even many realtors are concerned is a worrisome new level of desperation to buy a house in Toronto.
BRUTALLY COLD FEBRUARY FAILS TO DENT TORONTO’S RED-HOT REAL ESTATE MARKET AS PRICES JUMP 9%
The Toronto Real Estate Board (TREB) said the average sale price for the month was $553,193, an 8.6% jump from a year earlier. Prices jumped about 5% from January’s average of $526,528.
CANADIAN HOME SALES DEFY EXPECTATIONS
Sales of existing homes in the Greater Toronto Area nudged up 2.1 per cent in February compared with a year earlier, while prices continued to climb.
MORE CANADIANS WILLING TO ENTER BIDDING WAR TO BUY A HOME, WITH TORONTO AND VANCOUVER THE HOTTEST MARKETS, SAYS BMO SURVEY
More Canadians are willing to enter a bidding war and fight it out to secure a property, according to a home buying report released Wednesday by Bank of Montreal.