Ah January. The month of new beginnings, salt stained trousers and increased listings. What we can tell you right now is that 2015 is starting off with a bang as listings continue to grow…and not a minute too soon. One just has to look at the number of multiple offers to know that demand remains high. Our office coffee consumption is also ramping up, so we know we are in for another busy Spring Market.
We can collectively hear home buyers breathe a sigh of relief as more listings come to market. Across the downtown core, freehold listings jumped by 67% since the early part of the month to 221 units. That exuberance is only tempered by sales which increased by a remarkable 95% over the same period. Of those sales, 53% sold at or above the asking price. There is no question in our minds that all these numbers will improve over the coming months.
After a quick run up in the number of condominiums coming to the market at the beginning of the month, it`s comforting to know that the number of new listings has stabilized. Meanwhile sales have increased by 30% in the downtown core and units selling at or above the list price have moved from 9% at the beginning of the month to the current level of 17%. With a lot of media coverage over the record prices in both the low and high rise sectors of the new condominium market, we expect that Toronto`s existing inventory will see healthy price increases this year.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
BUYING A CHEAPER HOME OUTSIDE TORONTO MAY NOT PAY OFF
Homebuyers should consider the high cost of commuting in the GTA when deciding where to live, says a study by Pembina-RBC.
PRICE GAP BETWEEN TORONTO HOMES, CONDOS HITS RECORD HIGH
The growing price gap between condominiums and houses hit a record high last year in the Toronto area, as the market saw a huge jump in the number of newly built condos and buyers battled over a persistent shortage of houses.
Mayor John Tory launched his first budget Tuesday, including $86 million from the provincial government that he neglected to mention is a loan.
SHADOW LENDERS FUEL RISK IN CANADA’S HOT HOUSING MARKET
Harold Gerstel, who works behind a metal security cage at his cash-for-jewellery shop in Toronto’s Lawrence Manor neighborhood, has found another way to make money: arranging mortgages.
THE STATE OF REAL ESTATE IN TORONTO: 5 NUMBERS THAT MAY SURPRISE YOU
A housing boom in the Toronto area is masking the growing challenges to the market, according to a report from TD Economics released Monday.