Looks Like a Typical Spring Market!
While winter is not yet done, (always a couple of snowstorms left )the days are longer, and we are in the home stretch heading for spring and warmer weather!
As is usual for this time of year, buyers are starting to come out of winter hibernation and the number of monthly sales is starting to increase. 4,783 homes sold in February up over 50% from January’s 3,094 sales.
After two months of sales, the average price of properties sold is $1,073,128. While down from 2021’s average price of $1,095,475, (2022 was an anomaly year), this does not really reflect the market. The greatest impact to the “average price” is the fact that with the increase in borrowing costs, more homes are selling in the lower price ranges. A good example of this is that in February of 2023, 57% of homes sold were under $1,000,000 vs 38% in February 2022.
The greatest challenge to the Toronto market continues to be supply. There are just not enough homes for sale to satisfy demand. There are only 9,643 homes and condos available for sale, and prices are poised to increase as those buyers committed to purchase will find themselves in bidding wars.
Wait, aren’t we in a bad market? Haven’t high interest rates killed sales? As you can see from my numbers, the answer is a resounding NO! Sales are occurring in all price ranges. Some buyers have had to adjust their price range or the location of their choice, but buyers are buying and more and more will enter the market as the year progresses.
My best advice is to be prepared to make a move on the property you have waiting for.We will see more inventory available as we move into April and May and more Buyers.
This is a great time to “trade up”… With our population set to grow rapidly in the GTA over the next 5-10 years prime areas will continue to appreciate. and rental rates will move higher.
It’s a time of opportunity if one knows where to find it. Let me use my knowledge and experience to help you and your family. Let’s talk!