"April showers bring May flowers" It's May and it's finally warm and everyone is smiling. And yea the Raptors are in the second round of playoffs. With the spring market in full swing we are seeing a ramp up of new listings. The Toronto Real Estate board released the April monthly figures and it sounds all gloomy. That's because the stats include the entire GTA and the reported number of sales is down and so is the average sale price. But the good news is that the average sale price for the City of Toronto is up again!
January: $766,616 February: $806,494 March: $817,642 April: $865,817
The freehold market recorded a 40% increase in new listings last week, but as the Spring market hits its stride this increase is considered low. The new listings were spread out over all areas of the city. Sales have remained identical to the week before, but competition was fierce with nearly 55% of properties selling at or over the list price. A good house, well priced, staged nicely and given enough time on the market should generate upwards of 5 or more offers depending on location, price and condition.
Condominiums have remained the strongest market statement in Toronto as buyers continue to favour the lowest-price housing option. Last week new listings increased 15% while sales saw a modest 5% gain. 204 condos traded last week up from 198 the week before. The most active category was the $400 to $700 price point in the central core with 50% of condos selling at or above the list price. Even though mortgage rates went up this week the condo market is still fueled with would-be house purchasers unable to enter the freehold market.