Toronto Real Estate Board Stats For Mid-Month Show Continuing Uptick In Market

I love getting commentary on my blog articles but some are just negative beyond belief. It’s as if the world is not going right unless everything is falling apart.

Of course the comments are all anonymous so I’m not sure they’re from the same few people (thanks for reading my blog regularly by the way ), but during our ‘up years’ from 2000 through mid-2008 they were continually predicting the demise of Toronto’s real estate market. Then when the world ‘ended’ back last September they were ecstatic with their ‘I told you so’s’.

East York 2-Bdrm Bungalow Sold With 2 Offers

Now that the market is getting busy again (notice I didn’t say recovered – we need some more history behind us before I say that) without catasclysmic destruction of prices – average dollar decline in most neighbourhoods on specific houses or condos has been about 10-15% – they seem to be really pissed off.

As if “I’ve been waiting all this time, missed all those opportunities for just this?” is what they’re thinking.

Well, sad to say but the market has spoken ONCE AGAIN.

The Toronto Real Estate Board has just released it’s half-month stats for the month of April and, if the trend continues, we’ll be hitting a 31.4% Sales-to-Listings ratio for the month. This is definitely in lower ‘seller market’ territory (buyer’s market is less than 24%, neutral is 24-28% and seller’s is above 28%).

Proof of this is that we’re again encountering those pesky multiple-offer scenarios – not so many deliberatly set up like in years past although they’re happening, but just honest-to-goodness eager buyers out to buy a home for themselves and take advantage of record-low under 4.00% 5-year mortgage rates and attractive prices.

By the way, the official TREB average sale price for mid-April was $383,161, down 4% from last year’s number. Beware that this does not reflect the typical price decline for individual houses or condos… but rather an across-the-board average number.

Penthouse Suite Sold For Full Price In Just Days

Another interesting Toronto Real Estate Board stat… the listing inventory is currently sitting at 23,713 houses and condos which is lower than we’ve seen in April of 2005, 2006 and 2008 and only slightly above 2007. Although this is traditionally the spring market where sales are up, the list of properties to choose from this year is not excessive. Considering all the negative economic news, there are not a lot of distressed sellers out there dumping their homes on the market!

Want some social proof of increased buyer interest? Attendance at our highly-recommended home buyer workshops is back up to levels of a year or two ago. They’ve proven to be an absolutely wonderful way for a first-time buyer (and even home owners who haven’t been in the market for a while) to gain some excellent knowledge of the home buying process in just 3+ hours one evening.

Check it out for yourself at www.HomeBuyerAcademy.ca and see what you think. You might find that’s it’s the perfect thing for you to do before jumping into the home buying exercise.

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