Toronto real estate board members reported the sale of 7,114 sales in April, a little more than my brokerage prediction of 7,000. The number of sales on March was 6,560 that also increased over previous month. As of the end of March there were 13,120 homes for sale and around half of them sold, in April 18,088 homes for sale and quantity of 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 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.
Find out exactly what is going on and the opportunities that exist in the market!
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?
Buyers are asking me, “Is it too late? should I have bought last year?”. The truth of it is that the best time to buy was yesterday and the second-best time is today! Prices continue to increase with inflation. As the cost of land and construction increase, so do prices. When you add demand and low numbers of homes being built, prices jump tremendously. Welcome to the GTA! Over the last 50 + years, Toronto prices have increased about 7% yearly. With 1.2 million new immigrants coming to Canada (2021- 2024) and fewer new construction projects as builders slowed down due to higher interest rates, TODAY is the next best time to buy if you did not buy yesterday!
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!
Mohammad Moayeri
Sales Reresentative
647-405-1070
Re/Max Realtron Realty Inc
