You’d never know it from stepping outside, but the weather is improving and while we are still waiting for that one last snow fall (yes, you know it’s coming), we know the general trend points to warmer temperatures ahead and that can only mean one thing….more listings. Hallelujah!
Buyers were relieved last week as listings of freehold homes in the core improved by slightly over 11%. The number of sales remained unchanged but with more homes on the market, the number of multiple offers retreated 4% off the historic high of the week before (70%). The west core was the only area where available listings dropped yet sales increased signifying a tightening in that market. In the east core, the opposite held true. There we saw a significant increase in available listings (up 34%) and a 20% decrease in sold properties. It is often interesting to see how the tide in buyer habits shifts east to west and then back again, while the central core remains relatively constant.
The condominium market saw a significant increase in the number of new listings coming to market last week. This was most notable in the entry level and move up markets ($200k-$400k and $400k-$700k) in the central core where 148 suites where added to those categories. Both the east and west core saw little change to their availability levels. The good news is that, across the core, the number of suites selling at or over the list price has remained consistent over the last three weeks at 25%.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
TD CEO BACKS OTTAWA’S HANDS-OFF APPROACH TO MORTGAGE RATE CUT
Toronto-Dominion Bank’s chief executive officer has given his approval to Ottawa’s reaction to recent mortgage rate cuts
BMO’S MORTGAGE RATE CUT WON’T HAVE BIG IMPACT ON HOUSING MARKET
The amount of chatter that the Bank of Montreal’s mortgage rate cut generated this week is more proof that Canadians are not yet sick of talking about real estate. But it’s unclear how much of an effect the new 2.99 per cent five-year rate will have in terms of driving new buyers to the market.
TOO LITTLE KNOWN ABOUT HEALTH OF HOUSING MARKET: ECONOMIST
One of Canada’s foremost experts on the housing trends and household debt says what we don’t know about the market could hurt us.
TOO MANY QUESTIONS AROUND CANADA’S HOUSING MARKET: CIBC ECONOMIST
The lack of public data around Canada’s housing market is “mind-boggling” and could leave the country, and the economy, especially vulnerable when interest rates start to rise, says a leading bank economist.
HOME SALES, PRICES IN GTA JUMP IN MARCH
Sales of existing homes picked up in the Toronto area during March after a sluggish winter, coming in 7.2 per cent higher than a year earlier.