Toronto Real Estate Buyers are back!
Summer is here and so are the Buyers! The buzz around town is buyers are back to the Toronto Real Estate Market. With sales to continue trend upwards. This is a good indication that we are moving out of the slump and into a more stable market. With all statistics across the border in the green this is great to see. Active listings decreased month over month and remain low.
The Year-over-year Change
When comparing last year June with this year we are seeing a positive increase of 2% on average price in Toronto. Looking back one year ago early summer is where we were seeing the effects of the fair housing plan come into action. So seeing us in a positive number here is a good indications that we are hitting a more stable market.
Inventory continues to struggle. With recent elections in Ontario many concerns were focused on housing being a part of many people top priority. Many concerns with sellers is that if they sell they are many options for them with current mix inventory. New listings are down 18.6% which is creating an increase in price due to the demand of ownership still very high.
The market continues to be in favour of sellers in the 416 area code. As we go into the luxury market inventory open up and buyer's begin to have the edge when shopping around in the higher end of the market.
Greater Toronto Market 905 Area Code
As we move further out into the 905 area code inventory definitely opens up for buyers. As less inventory of affordable condos are available buyers have more inventory to shop around with. Sales should slow down in the summer allowing for a good buying opportunity for those looking to jump into the market. Hoping to find some motivated sellers before school month's begin.
The rental market as a whole is extremely competitive. As more and more people look at this as a solution to extremely high detached pricing, look for this to continue to increase in demand. Anybody looking to get into this market should have all required paperwork ready before hitting the market. As most listings are coming off as fast as they are coming up.
- Rental Application
- Employment letter and pay stubs
- full credit report from either transunion or equilfax
Check out Michael's Video on the Toronto Real Estate Market here