Toronto’s real estate market was very active in February, with the average price of homes rising 5.5% from the month before and by over 19% from where prices were a year ago. (Click Image to expand)
There were some 7,291 sales in the month making it one of the busiest February’s on record!
So what does all this mean? We are certainly in a seller’s market, with homes often selling within a week a prices that even the real estate agents can’t believe. There are far more buyers than sellers right now. Low interest rates and strong consumer confidence have people in the mood to be buying property in Toronto. So, now is is a great time to be selling a Toronto property, a bit more challenging to be buying a home and getting good value for it. With a longer-term view of real estate, it is always a good time to be buying real estate. This is true across the range of homes, from Downtown condo’s to mid-priced homes and even into the luxury market.
Expectations are that more people will be putting their homes up for sale in the coming weeks and months. This will increase the supply of homes for sale and
If you are in the market to buy or sell a property, let me know – I’m here to help you be successful!