Woohoo the spring market is heating up! The media headlines are all positive news that the Toronto-area and GTA real estate market is showing signs of a spring rebound and the recent strength in price marks the start of a new upward trend. Even if the volume of transactions remains relatively low in the Toronto area, demand is building. The right properties in desirable neighbourhoods are attracting multiple offers, while still allowing room for negotiation. The market's going to do a bit better than most people are expecting. All those waiting for a slow down, you might be waiting for awhile!
Recent changes to mortgage regulations are fueling demand for lower-priced homes while shrinking the pool of qualified buyers for higher-priced homes and that finds the $700,000 to $1.S million price range extremely competitive. Last week the number of freehold properties sold was up 54% from the week before and again Riverdale and Leslieville are the hot spots with 83% of properties selling above the asking price. There is no slowdown to neighbourhoods in the west end such as Wallace Emerson and Dufferin Grove where 75% of the sales happened in multiple offers. Sales remained strong in the central core which saw 47 properties sell in the $1,500,000 to $3,000,000 up by 70%, a huge jump from last week.
The downtown condo market is still insane. It seems downtown condos offer a lifestyle that buyers want. They want to be within walking distance to work or a short transit ride, and they're still willing to pay top dollar. Multiple offers and over-asking prices are the norm, but supply is an issue for condos. Last week we saw 175 condos sold, up 25% from the week before and of those sold 51% sold over the asking price. The number of new listings was slightly down by 13%.