Corinne McCabe , Broker

We hate to add fuel to the flame of an already sizzling real estate market in Toronto, but if you aren`t keeping score on what`s been happening you are missing out on some very valuable information. For the last few years we`ve been keeping better track of the Toronto market than Sportsnet keeps track of Josh Donaldson`s batting average. But averages don`t tell the whole story...that`s where we come in. Giving you the lowdown based on the experiences of over 260 agents working in the 416!

Last week we reported that the number of new listings took a rather substantial dive. Well, this week listings are back up across the city by over 45% to 260 and are more in line with the previous few weeks. This is still well off the pace of last year`s 330 new listings. Not only is there a difference in the number of new listings but the makeup of those listings has changed dramatically too. Consider that we are recording a third fewer new listings in the entry level price range ($400k-$700k) while the number of $3m+ price range homes has increased by more than 25%. Sales have remained strong, lending further proof to the ongoing inventory issues. 75% of all homes sold in the 416 sold at or above the list price. Last year at this time we recorded a nearly identical number of sales yet with more choice there were fewer multiple offers, which aided in keeping the number of sold at or above the asking price to a more reasonable 68%.

Just 16% more suites came on line last week compared to a week earlier bringing availability levels to 637 units. While slightly off last year`s number of 707, the important statistic we are following is the number of sales. Last year we saw 260 sales with nearly 30% being sold at or above the list price. This year we have reached two new records; 318 units sold of which 35.8% sold at or above the list price. 

Houston, we have a problem. After the Season opener (no, not of the Toronto Blue Jays, we are talking about the spring real estate market) we welcomed the rise of new listings, both house and condo, coming on line. This was welcome relief to buyers who have been waiting on the sidelines to finally take the leap into home ownership. For three weeks in a row, new listings improved and, by natural process, sales improved as well. Then we hit a roadblock as new listings tapered off dramatically. We expect new listing levels to rise again but chronic supply issues may be the new normal for the Toronto real estate market.

The freehold sector produced some interesting revelations last week. While listings backed off by nearly 50%, sales across the 416 remained consistent with the previous week, as did the percentage of homes that sold over the asking price, 78%. Here are some interesting things we saw. First, four out of the ten homes sold in the $3M+ range in the central core had multiple offers. While that speaks directly to the health of the high-end market in the city, the entry level home ($400k-$700k) continues to be a challenge for first time buyers as 90% of homes sold in that range had multiple offers and sold over the asking price. 

The condominium market has showed its strength again last week. New listings dropped by 21.5% while sales increased by 17.9%. Sales at or above the list price came in at a near record 34.7%. This is the fifth week in a row where over one third of condos in the 416 sold at or above the list price. The statistic becomes more interesting when you look at the central core versus the east and west parts of the city. The central core has more choice but traditionally smaller suite sizes yet a full 33% of them are selling in multiple offers while the east and west sections, with less supply but bigger suites are attracting a much more robust 47% rate of sales at or above the list price. This is most likely due to a higher number of end-user purchases.

Its official...not only are the “Boys of Summer” back in town but Toronto’s spring market has officially kicked into high gear. There’s no denying that the process is exciting but, just like baseball, there are winners and losers. To win at real estate, you need an experienced agent on your side, waving you in from third base.   

After languishing at historically low listing levels, the freehold market took an 18.4% gain with a total of 277 new homes listed in the downtown core last week. Unfortunately the increased choice did not calm buyers as sales climbed by a remarkable 40.4% with nearly 79% of homes selling at or above the list price. In the east core, there were more sales than listings while the west core actually recorded fewer new listings on the market but a weekly increase in sales.

The condo market continues its torrid pace with a slight 6.2% rise in new listings and a 3.2% increase in sales. For the fourth week in a row, sales of condos sold at or above the list price continues to track above the 30% mark coming in at 31.5%. The central core traditionally has more sales and listings purely due to a higher concentration of condominium buildings but the east and west cores, with larger and more affordable suites, have similar demands in all but the higher price ranges ($1.5M plus). 

The date may say April 1st, but let us be clear...there is no joke about the Toronto real estate market. Hold tight, the spring market, the season of multiple offers , is upon us. Buying a property these days requires nerves of steel and a determined constitution. For the next few months  media outlets will be sharing stories of stunning wins and colossal losses. Get ready for Toronto's own version of "Game of Homes".

Last week new freehold listings  jumped to their highest level since November 2015 recording a dramatic rise of 49% over the previous week.  With 234 new homes to choose from, buyers are coming out of their long winter slumber. Our downtown office reported that over 300 people showed up over the weekend to look at a home in the downtown west core.  Sales are up as well with a 22% increase over the previous week. Generally there is a lag between a sharp increase in listings and the corresponding increase in sales due to sellers pushing back offer nights by a week to allow maximum exposure to the market. The percentage of homes sold at or over the list price has been consistent, hovering in the 60-65% range.

The condo market continues to build on its successes. Like its freehold counterpart, listings have improved but by a much more modest 16%. Still,  that translates to a near record 628 suites. Most of that increase has come from the mid-entry level market ($400k-$700k) in the central core. Sales have increased by 20% over the past week with a remarkable 40% of condos in the central core's  $400-$700k range selling at or over the list price. Overall, we have reached a record high 35% of condos across the downtown core selling at or above the list price.