Market Update for October 25
With no distractions to stand in our way for at least the next month or so we should see a return to a more customary fall market. No more holidays and disruptions just a steady pace of more listings and sales to continue. With two months left in 2019, there is still plenty of transactions on the horizon and our research shows there are plenty of buyers waiting for the perfect home.
Last week freehold listings shot up 53% considering the prior three weeks were sluggish. The crowd of hopeful sellers all waited to list their properties as soon as Thanksgiving was over. Certain neighbourhoods are still crazy busy, especially Riverdale/Leslieville where “special” properties are getting snapped up in a day. We are seeing sale prices surpass the craziness of the early days of 2017. Again, with the shortage of listings, we are experiencing very localized market conditions.
The condo sector held steady in terms of new resale listings as the number of available suites dropped a marginal 5% from the previous week. Sales were also down however the demand is still visible with 44% of units selling at or above the list price. CMHC is forecasting a robust market for the next two years. Conditions in Toronto mean first-time buyers are likely to face stiffer competition for homes, therefore, looking for more affordable types of housing like condos. Condo prices will remain strong because they feed the demand for homebuyers but also investors buying to rent out their unit.