Toronto Real Estate Report May 2024

Should You Wait or Buy Now?

Toronto real estate board members reported the sale of 7,114 sales in April, a little more than my brokerage prediction of 7,000. More homes for sale came on the market as the weather warmed up heralding the start of the spring estate market. The 18,088 homes for sale and the anticipated 7,500 sales equate to less than 3 homes for every buyer. This continues the trend of sellers getting above asking prices on homes listed at market value. The chart below from the Toronto Board shows the summary of homes sold in April. It shows that on average, properties were listed for a total of 28 days (PDOM) and sold in 19 days (LDOM) for 102% of asking price after the last price adjustment.

There is no question that the high interest rates are causing some people to stay on the sidelines rather than getting into the market, that’s understandable. Unfortunately, I also know that once interest rates start moving down, more people are going to jump into the market and competition for good homes will become more fierce.

Those buyers who can qualify under today’s borrowing rates have a tough decision to make. Should they get off the sidelines and buy now or wait? Should they be taking advantage of the good opportunities that exist in upgrading their home or in investment properties?

My best advice: Get more information! Find out exactly what is going on and the opportunities that exist in the market! You need a full-time real estate expert, working with a premier worldwide company that can give you the information you need to make an informed decision. A realtor like me!

 Contact me! Let’s talk. After all, you have a friend in real estate.

Have a great May!

TRREB Market Watch – April 2024

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