2014 will go down in Toronto’s history as the year of extreme cold and a piping hot real estate market. While we are hesitant to say that the bitter deep freeze is over just yet, the real estate market shows no signs of cooling. This week we witnessed another strong week of multiple offers and frustrated buyers. With daylight savings just a few sleeps away, we are looking forward to warmer weather, drier sidewalks and hopefully more listings.
Freehold listings backed off by a substantial 31.4% this week with the bulk of that reduction happening in the central core. Meanwhile sales have increased by 10% compared to last week and our research indicates that for the third week in a row over 60% of the homes traded at or above the list price. While the central core remained steady, the increase in homes sold was most notable in the entry level homes in both the east and west end.
The condominium market continues to astound. After a brief increase in available units last week, available suites backed off by 12% this week. This decrease seemed to be consistent throughout the entire core. Sales continue to outpace listings. This is creating a more balanced list to sale ratio. This week sales improved by 6.3% over a week earlier however the number of multiple offers has dropped from a high of 25% earlier in the year to a respectable 19% this week.