With the change in temperature and the end of that laid-back mood of summer, fall always feels like a shift in gears. Changing around your wardrobe and getting ready for those cool days and nights are almost upon us. With the fall market in full swing, the unpredictability of Toronto real estate is perplexing at times. Sales have been recovering and stronger than we expected in recent months. It seems that we are in full recovery with 6 straight months of sales increases for existing homes. Mortgage rates are dropping, and the impact of the mortgage stress test seems to have diminished slightly. Sellers are becoming a little bit more realistic in their pricing, but listings still remain low causing fierce competition among buyers.
Last week the freehold market saw a small 13% dip in new listings from the previous week. It is interesting to note that fewer listings did not dampen buyer’s spirits. Overall sales for the week shot up an impressive 41% from the previous week and as expected, supply and demand economics propelled 71% of sales at or above the list price. Most of the activity was centered in the east end again in the Riverdale, Danforth Village, Leslieville and Beaches neighbourhoods. We love witnessing the condo market’s continued success. Listings were up slightly last week by 3% from the previous week. Sales had a healthy 17% increase week-to-week. Keeping in line with previous weeks, 45% of sold units are still happening at or above the list price. The condo market continues to lead the way in terms of price growth in the GTA.
