Today I did my monthly check of the sales numbers for the Toronto Real Estate Board. The Board reported that in March, there were 9,690 sales for the month in the Greater Toronto Area which is approx 8% more sales than reported during March 2011.
At the end of March there were only 16,920 homes for sale in the GTA, which is pretty well the same numbers as March last year. We continue to see an increased number of sales as more new listings are coming on the market than last year and the best ones are being snapped up! SO inventory levels have maintained. With that, in the GTA there is about 1¾ months supply of inventory. That in anyone’s books is a Seller’s market.
How’s The Market? My Answer: Hang onto your hat!! These conditions will continue through to the end of the year at least. To be honest with you, I wish it would cool down as it can sometimes get a little silly. In areas like Milton and The Beaches, even if the amount of inventory doubled overnight, it would still be a strong Seller’s Market. I will keep an eye on supply and demand for you and report back next month.
No change in the Toronto Condos marketplace with supply meeting demand, you can thank all the pre construction units over the last few years plus the continuation of construction over the years to come.
The key to coming out on top with current market conditions is choosing the right realtor. When you hear of anyone who may want to buy or sell, I promise you that I will do a great job and roll out the red carpet for them. If you would like any more information, I’m here to help.
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