1. The Shortage of Listings Remains an Issue.
Toronto has one of the hottest markets right now. This is mainly attributed to the fact that there are not enough listings to accommodate all the eager buyers out there. Ever wonder why condos are being built left, right and centre? Face it, not everyone can afford to buy a single family home in downtown Toronto. Low rise single family homes remain in high demand but thanks to the convenient condo lifestyle and less insane prices, the condo market continues to remain strong.
2. The Amount of Transactions per Month is Increasing
In April of 2013 there were 9,535 transactions through the Toronto MLS system. This past month we experienced a 1.8% increase in that number (9,706 transactions). This indicates that our market is getting stronger.
3. The Average Selling Price is UP by 10.1%!
In April of 2013 the average selling price of a Toronto home was $524, 868. And we thought that was high. This April it was $577,898!
4. The Amount of New Listings is Going DOWN and the Amount of Sales is Going UP!
There were 4.5% LESS new listings out this April compared to April of 2013. BUT there were 1.8% more sales! This means that we are having fewer listings sit on the market without getting sold. Another interesting fact is the the average days on market for April 2013 was 23 and this April it’s down to 20.
5. Toronto Land Transfer Tax is Making People Want to Stay Put!
The Toronto Land Transfer Tax is making people not want to move. They would rather stay where they are and renovate. There are rebates available for certain renovation projects as well. FYI, the Toronto Real Estate Board has been advocating the removal and/or the reduction of the TLTT.
6. Prices aren’t Going Down Anytime Soon!
The growth in the Toronto market is being driven by single family homes. We have a limited amount of land and most people would rather pay higher for a house in a downtown Toronto neighbourhood than spend hours in traffic each and every day, not to mention having to absorb the cost of gas. Prices won’t be going down.