Are you feeling confused and a bit out of sorts? It is most likely due to the “Holiday Vortex”…. Too many long weekends packed together. Fresh off March Break we rolled straight into the Easter long weekend. Common symptoms include weight gain and anxiety due to increased chocolate levels. Nevertheless there is one group that worked through the stress….Buyers, who despite fewer listings, racked up some impressive sales figures last week.
New listings in the freehold sector have had some ups and downs this year. Last week available listings fell 24% over a week earlier however sales exploded by almost 100% in the same period. If that doesn’t make you stand up and take notice, maybe this will….Over 75% of homes sold in the central Toronto corridor happened at or above the list price. This is the highest level of 2015 so far. No surprise that the $700K-$1.5M price range is the most active in the central neighbourhoods while the $400K-$700K are the most active in the east and west.
Meanwhile, the condominium sector recorded a 13% drop in new listings last week. While that follows the same trend as its freehold counterpart, we were surprised that despite sales dropping by nearly 24% (from 218 to 176 units), over 27% of sales happened at or above the list price. Our research indicates that the most coveted condominiums are ones located in established neighbourhoods and tend to be marketed towards end users.