04/26/2023
Happy Wednesday 🎉
Inventory crept up just a smidge from the previous week, with 1601 homes now listed on Toronto MLS in the C, E and W districts. 471 of those were listed in the last 7 days, while 203 were sold that same week. 141 of those sold at or above asking price, bringing our percentage of offers in competition up to 69%, the highest we have seen all year.
Let that sink in for a second. In 3 of 4 price categories over 70% of homes sold at or above their asking price. More than 200 sales in a 7 day period sets a new record going back to Fall 2023. That puts our inventory at barely 2 months worth, down from the 2.5 we had been sitting at in February.
Market values edged up in March. We will see that again when April numbers are released after the end of the month. How is it possible that with 4 interest rate hikes, a Foreign Buyer ban, an increase in Foreign Buyer taxes, and the introduction of Vacant Home taxes inventory doesn't spike, and prices don't go down in any meaningful way?
Likely because those were not the main issues driving home values in Toronto to begin with, so creating policy to change them did nothing but create temporary pauses. What does seriously impact market price? Supply and demand. No matter where someone wants to live, for whatever reason, in whatever price point, we have more demand than we do supply. So find a place you love, in an area you love, at a price you can afford.....and buy it.
If you would like more information on the current market conditions or Real Estate in general, feel free to reach out.
Buy 🏠 Sell 🏠 Lease 🏠 Invest 🏠
