REAL ESTATE MARKET UPDATE APRIL 2018 ~ TORONTO/GTA
Real Estate Board members reported 7, 228 residential sales in March and a listing stock of 15,971 listings as we head into Toronto’s Spring Market. While the number of homes for sale, are lower than the same period last year, they are still indicative of a healthy real estate market. The low listing inventory compared to the number of sales, indicates a Seller’s market, and the average list to sale price ratio of 99% (Seller’s sold at 99% of list price) in an average of 24 days is further proof of that.
No news is good news as they say. The economy is strong and stable, immigration to the GTA continues, investment into Canada continues from all parts of the globe and interest rates are still low. All in all, sales continue to take place, and April should see approximately 9,500 homes sold on the Toronto Real Estate Board’s MLS system.
Condominium apartment sales are still the hottest part of the real estate market, and they continue to be in great demand as a result increasing in price. That’s not going to change, as they are the lowest price point that buyers can afford in Toronto. With rents on the increase, investors continue to buy apartments for the rental return and long term appreciation.
As the weather changes and buyers start coming out in full force as they usually do every Spring, I am strongly recommending to my clients to buy now before the multiple offers come back in full swing. With only two listings for every sale, multiple offers are occurring every day, and it’s only going to be more competitive for buyers as the weather warms up. If you are considering, do it now!
If you have any questions, please give me a call, I would love to help however I can.
Have a great April!
Your friend in real estate,
Suzana ( Sue ) Davies Sales Representative ® RE/MAX Realtron Realty Inc., Brokerage*
c 416-843-7017 o 416-782-8882
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