Now that March Break is over and we seem to be easing into some warmer weather, it appears that Toronto’s real estate market has a bit more “spring” in its step. While there are just some puns you never tire of it is clear that Buyers and Sellers are back and are more determined than ever to get settled before the summer.
The freehold sector has witnessed its biggest increase of the year with listings growing by 70% across the downtown core. There is still a bit of catching up to do on the sales side however. Last week sales of existing units increased by 25% but is still below the sales activity recorded before the March Break. We are expecting sales levels to drop over Easter but to rebound quickly and remain high for the next few months. It is interesting to note that the number of homes sold at or above the list price has remained consistent throughout the month, hovering around 62%.
The condominium sector does not appear to play under the same rules as its freehold counterpart. Listings have been increasing slowly since the beginning of the year despite holidays and inclement weather. Last week new listings moved 8% higher to 739 units. Sales have been trending upwards as well, increasing by 8% over the same period. We are still reporting close to 23% of condo transactions happening at or above the list price which points to continued strength in the high rise market.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
LET THE DELUGE BEGIN. FLOOD OF NEW TORONTO HOME LISTINGS EXPECTED
House hunters in Toronto despondent about the scant supply of houses on the market will find a sudden surge in listings this week now that March break is over.
TORONTO’S RECORD HOUSE PRICES TO RISE FURTHER BY 2017
Toronto’s record house prices could soar a further 17 per cent by the end of 2017 as the lack of supply in the face of unrelenting demand continues to drive prices far beyond the rate of inflation, says the chief economist of Central 1 credit union.
NOW AND THEN: DO CANADIAN HOMES REALLY COST THAT MUCH MORE THAN 30 YEARS AGO?
It’s hard to scan a Canadian newspaper these days without coming across an article about the country’s lofty real estate prices. And it’s also hard for parents to tell their kids the “I used to walk to school barefoot” stories. Or is it? Is it really that much more expensive to own a home these days than it was 30 years ago?
CANADIAN CONSUMER CONFIDENCE GAINS FOR THIRD WEEK ON REAL ESTATE
Canadian consumer confidence gained for a third consecutive week, as worries about the nation’s economy and real estate market wane, survey data from Nanos Research Group show.
REAL ESTATE WATCH: U.S. MILLENNIALS SHIFTING TO HOME OWNERSHIP AS RENT COSTS SOA
Americans in their 20s and early 30s are getting a nudge toward homeownership a decade after sales peaked during the housing bubble. It’s not their nagging parents. It’s rents. They’ve risen so much that buying is making more sense.