With Easter behind us, and our hopes dashed for a Raptor playoff run, it’s time to concentrate on the task at hand, get that house all gussied up for the Spring market. There are flowers to plant and porches to paint. Curb appeal, after all, is the name of the game. As if but a dream, the real estate market is back in full swing.
Freehold home listings saw a 16% increase last week with the biggest gain happening in the East and West core, particularly in the first time buyer segment ($400k-$700k). This is great news for people looking to get into the housing market however, competition remains tight. We were somewhat shocked to see a 74% increase in the number of sales last week. 62.5% of homes traded at or above asking price. You probably heard the one about the house that got 72 offers. Let us be the first to state that is not the norm. A good house, well priced, and given enough time on the market should get 2 to 6 offers depending on location, price and condition.
Meanwhile, in the condominium market, no news is good news. Available listings increased by a marginal 5% while sales increased nearly 14%. As long as sales outpace new listings we can sleep well at night. Sales happening at or above the list price seem to be hovering in the 20-30% range, which we consider to be very healthy.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
ARE TORONTO’S MULTIPLYING CONDOS SHRINKING OUT FAMILIES?
Toronto’s got a problem. (Yes, it’s about municipal politics, but not what you think.) A lack of family-friendly condos are being built in Canada’s most populous city.
WAS CMHC’S MOVE TO TIGHTEN MORTGAGE INSURANCE RULES ANOTHER STEP TOWARDS PRIVATIZATION?
The Canada Mortgage and Housing Corp.’s decision to cut back its mortgage default insurance coverage was likely directed by the Department of Finance as part of an ongoing plan to lighten the risk load at the Crown corporation, sources told the Financial Post.
THE ‘RESPONSIBLE’ CANADIAN: WHY STEPHEN POLOZ SEES NO HOUSING CRASH
The responsible Canadian. The numbers certainly support the Bank of Canada’s expectations for heading off a housing meltdown. The question is, how long will that last?.
WHAT GOOGLE SEARCHES REVEAL ABOUT CANADA’S HOUSING MARKET
Want to know when the housing market will take off? Ask Google. It looks like the number of times that Canadians search for the term “mortgages” in Google is a decent indicator of what home sales will do. And if that’s true, the spring might yet show a spike in the number of homes changing hands, followed by a levelling off.
LAND TRANSFER TAX CARRIES HUGE COSTS FOR TORONTO, REPORT SAYS
Study commissioned by Ontario Real Estate Association claims municipal home sales levy has led to a $2.3B drop in economic activity, and repealing it would create thousands of jobs.