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.