The other day we saw someone wearing shorts. No, seriously. It wasn’t just some random kid trying to make a point either. It was actually warm outside which leads us to believe that road construction is just around the corner. If you are hoping to avoid traffic gridlock this summer, get that home purchase out of the way fast. At least that’s what many are doing right now.
New listings shot up over 32% since Easter. With more choice, it is clear that people are being a bit more selective. Sales increased by 5% and homes selling at or above the asking price backed off to 70% compared to 75.4% just a few weeks earlier. We thought it was interesting to note that the $3M+ category had one of its best weeks of the year recording 13 sales. For first time buyers, the east core remains the hot zone with 90% of home transactions happening in multiple offers (compared to 70% in the west core).
We love what`s happening in the condominium sector so far this year. Listings continue to trend upward (20.2% over the past two weeks) but sales have outpaced that growth substantially. In the same period, sales have accelerated by nearly 37%, one of the biggest increases since we have been keeping track. Clearly people are looking “up” when considering a new home as competition for good space continues to grow. This week, 28.2% of condos traded hands at or above the list price.
HERE ARE THE TOP FIVE TRENDING STORIES OF THE WEEK:
TORONTO’S CONDO RENTAL MARKET LESS COMPETITIVE DUE TO GLUT OF SUPPLY: REPORT
A new report by condo research firm Urbanation suggests Toronto’s condo market has become more renter friendly due to a glut of supply and shifting demographics.
There’s something a bit frantic about the way lenders are competing on mortgage rates as the spring home-buying season begins. Isn’t it great?
BANK OF CANADA WARNS OF HOUSING MARKET CORRECTIONS
Canada’s central bank is warning about a correction in three of the country’s largest housing markets as home values continue to soar in Toronto and Vancouver even as they fall across Alberta.
HOUSE PRICES IN TORONTO, VANCOUVER HIT RECORD IN MARCH
House prices were up in eight of 11 of Canada’s major housing markets in March over February and hit new records in the year-over-year price rise in the two biggest cities, Vancouver and Toronto, according to new housing data released Tuesday.
HOME BUYING FRENZY DEFIES BANK OF CANADA’S VIEW OF SOFT LANDING
At the central bank in Ottawa, officials are forecasting a soft landing for the housing market. On the ground in Canada, brokers and homebuyers see prices that keep going up.