Just when you think you have a handle on the market, something changes and you are forced to re-evaluate. Eventually there comes a point when you just have to strap yourself in and recognize that it’s next to impossible to predict what’s going on in Toronto’s real estate market. As the old saying goes….nothing is as constant as change.
Case in point, the number of new freehold listings. Last week new listings were WAY up, this week they’re down by 3%. In complete contradiction to that pattern, sales are WAY up by over 88% from a week ago. And while the percentage of homes selling in multiple offers was off last week (54.3%), it seems like we are returning to more aggressive territory with almost 70% of homes selling at or above the list price. The big surprise of the week has to be the high end market, homes listed above $3M, where we had a near record 9 sales in the week.
Similar to the freehold market, the number of new condo listings has been going up and down like soccer fans doing the wave. This week listings are back down by 3.4%, but sales have jumped by an astonishing 41% from the previous week. While not in record territory, nearly 28% of suites sold at or above the list price. The hottest area this week is the $400K-$700K sector in the central core where 31% of the condos sold at or above the list price.