Two weeks ago we witnessed a tsunami of new listings in downtown Toronto but a relatively lackluster sales performance left us feeling kind of empty. We made the bold statement that perhaps the reason sales were so low was because most of the new listings were holding back offers until the following week. We bravely predicted that sales would spike dramatically soon after and we are happy to report that we were right on the money. We didn’t need a crystal ball; our prediction was based on a solid understanding of Toronto’s real estate market.
Freehold listings climbed another 24% last week as Sellers all across the city take advantage of continued strong demand for homes. This was particularly evident in the $1.5M + market throughout all core neighbourhoods where listings shot up over 250%. Sales outperformed with an overall increase of 310% over the previous week but sales of homes at or above the list price jumped to 73%, one of the highest levels since March of this year. The east core was the shining star of the week where 87% of all homes sold over the asking price.
The resale condominium market is not showing any signs of slowing down. While listings throughout the core only increased by a nominal 3% it was the nearly 30% increase in sales that caught our eye. Overall, 22% of all condos across the downtown core sold at or above the list price. While the biggest gain in sales volume took place in the central part of the city it was the east and west cores that attracted the most buyers with nearly 50% of condos being sold at or above the list price.