As mentioned in my last post on Toronto real estate sales statistics, the pace at which homes are being sold versus the number of new listings coming on the market actually caused a shift to “seller’s market territory” for the month of April. Since the Toronto market for resale homes only experienced a relatively small dip in comparison to many other regions in Canada, this could indicate a resumption of the bullish trend that was put on pause last year. Alternatively, this seller’s market may not be sustained, as it could just reflect a bit of pent-up demand carrying forward from other recent months that showed a considerable decline in homes sold.
Regardless of whether the market shifts to a more neutral state over the summer, there is a unique opportunity occurring right now for those who currently own an entry-level home, and want to take the next step up. A confluence of three important factors has come together:
- There is an insufficient supply of homes for sale at the lower end of the market, resulting in multiple offers, and homes selling for higher than their asking price.
- Higher-priced homes have generally suffered a greater percentage decline in price, making them a relatively better value than 12-18 months ago.
- Historically low interest rates mean that moving up is also relatively more affordable than in the past.
If you currently own a Toronto home and would like to find out more about how this current market could make this an ideal time for you to move-up, please contact me today.