Is the Toronto housing market picking up steam at an “uncomfortable” pace thatresembles the sky-high gains of 2016? One just has to look at the number of multiple offers and wild bidding wars to know that demand is at an all time high.So what should we expect as we move forward? Hopefully as we start movinginto the spring market many agents are anxious to see if listings will become more plentiful especially after this long family weekend. We as realtors continue to do what we always do. We perform our duties and forge ahead. Let us take thisweekend to be with family and see what next week brings us. Happy Family Day!
We have been collecting weekly sales data for awhile now and it is often fun tolook back a year and compare markets. For instance, last year at this time therewere 15% more freehold listings available throughout all neighbourhoods but sold properties were down 55% in 2019 at this time. The number of properties sellingat or above the asking price this year is at 62% compared to last year which was 58%.
The resale condo sector is following the same trends. New listings are down 18%than the same period last year but sales are up a whooping 62% more than lastyear at this time. And the number of condos sold at or above the asking price isstill at a high of 62%. The condo market has been traditionally reserved for first-time buyers, but as freehold home ownership becomes less affordable, we expecteven more activity in the condo market.