Before we begin, we just want to say that this insight is going to be HUGE! It’s probably the best one so far. Quiet frankly it will blow all the other ones out of the water. It is literally amazing. Actually, it’s not just amazing...it’s INCREDIBLE. We know that you will be think it is the most brilliant report on Toronto’s real estate market EVER. Quiet frankly it is so astonishing that we thought about keeping it a secret just in case it fell into the wrong hands. Security is very important to us so please make sure that before you pass it around to your friends, they have been properly vetted.
The number of new freehold listings continued to contract last week while demand and sales remained virtually at the same level from the previous week. 26% fewer listings week over week created increased competition which resulted in an increase to 74% of available properties selling at or above the list price. With more sales than listings happening in the east and west core, and a near even ratio in the central core, the current supply of properties sits at a mere 1.1 months.
If you thought shifting your dreams of home ownership to the condo market would make life easier, be prepared for a little disappointment. Throughout 2016 we watched as competition for resale condos increase dramatically from about 16% of all condos selling at or above the list price at the beginning of the year to over 40% by December. January 2017 has not shown any relief. In fact, while last week’s numbers showed that 55% of condos sold in multiple offers, this week that numbwer has skyrocketed to 65% thanks in part to a 42% reduction in new resale condos coming to market.
The resale condo market is experiencing similarities to its freehold brother. New listings for the week are down nearly 50% to 189 across the 416 while sales have increased by nearly 30%. Tighter supply and more sales has constricted the market and now we are reporting a new record in terms of sales at or over the list price. While the percentage has been tracking higher all year, our research indicates we are now hovering at 55%. Clearly, we are in a seller’s market for condos in Toronto.
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