The month of June marks the end of the spring market for Toronto real estate. Typically the market peaks at this point in the year. The spring market from early January to the end of June sees the most number of sales. The summer months are less active with a resurgence of activity kicking off after Labour Day in September.
Toronto real estate average prices have risen by 9.5% over the last year, but dropped 1.9% from a month earlier, suggesting prices have peaked for the time being.With today’s very attractive interest rates buyer demand for homes is continuing to dominate. Toronto is seeing a strong Sellers market, with the best homes selling in one week or less, often with multiple offers and bidding wars.
The Toronto Real Estate Board publishes the following set of statistical metric charts to give a very good understanding of the current market. If you’d like to know what all this means for your particular situation, please let me know. I’d be happy to make sense of this for you!