The housing market is getting bigger and better

The Toronto housing market has been the hot topic the past few months, with the new foreign buyer tax. Our latest newsletter tells you why you shouldn't be worried about the competitive housing market.

New home listings hit all time record

As the busy late spring real estate season heats up, data from the Toronto Real Estate Board show that new housing listings for the months of April and May are smashing every record on the books. Last month, listings of for sale housing increased by 33% over March. The latest numbers for May show an increase in listings in the order of a whopping 47% for the first two weeks of the month. Many of the listings are houses that were previously on the market and that have now been relisted after being taken off the market. Overall, however, it’s clear many home-owners who were previously on the fence are now looking to take full advantage of the high prices and strong market we’re enjoying.

Sales and prices are starting to cool

Many buyers who were priced out of the market or who lost out on aggressive bids should be relieved to know that unit sales have declined by 16% in early May. Statistics also show that housing prices in May are down over 3% from April with the average price of a home in Toronto is now $890,284. Many realtors are reporting that whereas open houses a few weeks ago could easily see 40 or 50 people arrive in interest, now having a handful of prospective buyers is considered a success. It’s clear that while demand remains strong, buyers have many more houses to choose from.

Shifting psychology

New polling shows that the number of Canadians who believe housing prices will continue to rise declined in mid May slightly, with less than 50% of those polled expressing confidence that sale prices would continue increasing. Pollsters are saying that the shift is a healthy correction to normal levels from the exuberance the market has shown in the last years of tremendous price increases. Overall, however, confidence and expectations vis a vis the housing market remain very robust.

Retiring baby boomer surge to cottage country

Listings were not the only increasing factor in GTA real estate. The number of retiring baby boomers selling their homes and buying cottages is now increasing rapidly. Sales of waterfront cottages in and around Muskoka, Halliburton, and Orillia are reporting increasing interest and a 5.1% increase in sales as retired baby boomers sell their Toronto homes for the relaxation of northern living. Average prices of some condos are increasing by over 30% from last years’ figures. 

For More Information regarding the housing market in GTA you can call me directly @ 416-892-8956 

All your concerns and questions will answered Under One Roof