Friday the 13th is generally believed to be a bad luck day. With a potential ice storm this weekend it might be bad luck. Old man winter just won't go away. When are we going to put away our coats and let the sunshine warm our bodies?
Well, as with any spring market the tide is turning slowly on the inventory problems. Market watchers are seeing signs, that sales in the GTA are starting to take off after a year of volatility. Freehold listings increased to 243 units in the core, nearly 128% higher than the previous week while condo listings increased by 353 units (or an 85% increase) over the same period.
We can hear home buyers breathe a sigh of relief as listings spiked as soon as the Easter holiday weekend wrapped up. Unfortunately, the number of freehold properties that sold was down by 33% week over week. It could be that offer night for all the new listings take place a week later. Bidding wars are still erupting, and buyers are once again flinging around jaw-dropping amounts above asking prices. It's not uncommon to see a property sell for $300,000 over the asking price and in the east end (E01) that is a common occurrence.
The condo market last week saw a huge influx of new listings but the number of sold units was down 22% from the previous week. Finding a condo to rent in Toronto made headline news this week. The average monthly rent surged 10.7% in the first quarter from a year earlier to $2,206. Part of the reason is simple supply and demand or the fact that to buy an average priced ($590,000) resale condo in Toronto, you have to make an average annual income of $100,000, up from $77,000 a year earlier.