I love March! While winter is not yet done, (always a couple of snowstorms left including winter’s last gasp late March or early April), the days are longer, and we are in the home stretch heading for spring and warmer weather!
As is usual for this time of year, buyers are starting to come out of winter hibernation and the number of monthly sales is starting to increase. 4,783 homes sold in February up over 50% from January’s 3,094 sales.
After two months of sales, the average price of properties sold is $1,073,128. While down from 2021’s average price of $1,095,475, (2022 was an anomaly year), this does not really reflect the market. The greatest impact to the “average price” is the fact that with the increase in borrowing costs, more homes are selling in the lower price ranges. A good example of this is that in February of 2023, 57% of homes sold were under $1,000,000 vs 38% in February 2022.
The greatest challenge to the Toronto market continues to be supply. There are just not enough homes for sale to satisfy demand. There are only 9,643 homes available for sale, and prices are poised to increase as those buyers committed to purchase will find themselves in bidding wars.
Wait, aren’t we in a bad market? Haven’t high interest rates killed sales? As you can see from my numbers, the answer is a resounding NO! Prices are occurring in all price ranges. Some buyers have had to adjust their price range or the location of their choice, but buyers are buying and more and more will enter the market as the year progresses.
My best advice is, get in the market as quickly as possible. As the old saying goes,” have you bought your land yet, we are not making any more”!
This is a great time to “trade up”, buy the next level home for you and your family. With our population set to explode, and rental rates up, it’s a great time to buy an investment property as well.
Today, most people are getting their real estate information from someone getting paid minimum wage, sitting in front of a computer screen, wearing a jacket and tie (no pants, LOL) and purporting to know the market. Do not be fooled, they do NOT know!
It’s a time of opportunity if one knows where to find it. Let me use my knowledge and experience to help you and your family. Give me a call 416-560-4468, let’s talk!