Toronto Real Estate Board Market Report For April 2010

View from our current listing at 81 Navy Wharf Suite 3502

April was another record sales month for the Toronto Real Estate Board but I think we’ve hit the peak right now.  The listing inventory across Toronto and the GTA has increased by almost 25% in the last 45 days and should peak by the end of June.

Hopefully the days of multiple offers on every listing will fade away to a distant memory.  A lot of buyers are fed up with those listing agents who practice that tactic, almost to the point of withdrawing from the market entirely.

The strategy of holding off offers (and listing a home $50,000 or more below market value) has started to backfire on sellers.  Sometimes NO offers come in OR the ones that do are too low for the seller.  The listing agent and seller end up with egg on their face and they have to cancel their listing and relist at the correct market value.

A recent survey showed that just 3.4% of Canadians have firm plans to buy a home in 2010.  Hopefully that number will increase as the market moderates in the coming months!

Remember, housing has been 50% of the driving force to lead the Canadian economy out of the 2008-2009 recession.  With every home sale there are tremendous spin-offs to many local businesses.  Bottom line… the media and other naysayers shouldn’t be so quick to disparage the real estate market, and Realtors… we’re continually playing a vital role in our economic well-being.

A bit of good news came out of CMHC recently – just 0.45% of Canadian mortgages are in arrears now… a very small fraction of those in the same situation south of the border.

So here’s what you’ve been waiting for… the Toronto Real Estate Market Report for April 2010.  Please enjoy!!

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