"Home prices dip 12% as sales fall " Toronto Star - Wednesday March 7th, 2018
"Toronto housing prices edge up smartly in February" The Globe and Mail – Wednesday March 7th, 2018
Anyone reading the news will surely be confused by what the media has to say about the real estate market these days. So, what is really going on? The average price for a home in the City of Toronto is $806,494, climbing more than 5% from last month, as well as condo prices rising 5% to an average of $570,275. What the media doesn't tell you is the frenzy with bidding wars on both homes and condos. A property in midtown had 25 offers last week selling for $500,000 over the asking price. A condo downtown had 14 offers and sold for $105,000 over the asking. We cannot compare the market to last year's frenzy. Agents are busy, open houses are jammed and buyers are looking to buy. The supply is not there. As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up.
As the days are getting longer we begin to see more freehold listings come to market, up 30% from the prior week. The east end listings doubled from the week before and the frenzy of sold properties saw 77% of them sell over the asking. E0l was the hot spot. The west end was also busy with listings up 35% and of all the properties that sold 66% sold over asking.
The condo market is not showing any signs of slowing. Many condos are drawing multiple offers and it seems the new normal for condos is almost $1000 PSF. Overall listings were up 37% and the central core saw 235 new listings come to market. The sold numbers are steady week to week and of those condos sold 57% sold over asking.