The media is at it again this week with grim news that the "Housing market stumbles in spring". Yes, we know the number of sales is down if we compare it to last years figures, but that is nothing new. Sales in the GTA have been down over the past year following a market correction that began last May, long before the stress-test rules were in place. But on a month-over-month basis, The GTA market has been stabilizing this year, with sales down just 1% in April compared to March on a seasonally adjusted basis. One of the factors in declining sales nationally has been a reduction in new homes listed for sale as sellers have sat on the sidelines waiting for the markets to strengthen. A decline in new listings has helped keep prices relatively stable even as the volume of sales has declined.
An impending long weekend has a natural cooling effect on the market with the freehold sector remaining relatively unchanged from the previous week, however sales were up 13% and competition for homes is still strong with an average 66% selling at or above the list price. Once again, the east end of the city (Riverdale and Leslieville) remain the hot spots. Properties in the $700K to $1.SM price range saw plenty of multiples and of those sold 76% sold at or over the asking price.
If you thought shifting your dreams of home ownership to the condo market would make life easier, you might be a little disappointed. This year we have watched as competition for resale condos increased dramatically. Last week the number of sold condos was up by 12% and of those sold 55% sold at or above the list price. Clearly, it's a seller's market for condos in Toronto. It was also great to see a 20% influx of new condos come to market last week with 425 new listings.
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