Market Update for June 14
WE THE NORTH ARE THE CHAMPIONS! Raptors dethrone Warriors on their own soil to win NBA Finals for the first time in history!
Hard to believe we are almost halfway through 2019. If that thought is depressing, don’t forget that the best is yet to come. Hopefully, sunshine and heat waves are in the future and while still sizzling, there are signs that Toronto’s real estate market is still going strong. Every week we pore through data and talk in length in the office and at meetings to get a feel for what is happening out there in the market place. It seems we are one month behind because of the crazy weather we have had all year, and it looks like the spring market will last well into the summer this year. Buyers are still out there looking for that perfect home.
Call it the Yo-Yo effect. One week we have a surge of new listings and then the next week we see listings taper off… well last week listings were up 6% compared to the week before but sales slowed slightly, backing off by 15%. While pre-emptive offers continue to weaken, it is interesting to observe that 57% of all homes still sold above their asking price.
Like the freehold market, the condominium sector is behaving in a similar manner. Listings were up by 10% week-over-week, but sales, however, backed off by a marginal 12%. It is worth reporting that the key indicator of the condo market health has to be the percentage of suites selling at or above the list price.
Last week that percentage was hovering around 50%, a solid indicator the condo market is still trading well.