As of May 2010 it looks like homebuyers have slowed down last year this time in purchasing new Toronto homes. But it appears this isn’t bad news at all. On the contrary, what has actually happened – according to the Toronto Real Estate Board (TREB) – is that buyers actually got started earlier in the year buying homes. The evidence lies in the fact that February, March, and April posted higher than usual sales of Toronto homes. And even though the numbers of homes being sold was down about 1% this May compared to 2009, it was still a record month when compared to years past. All of this is good news for all those Toronto homes for sale in the market currently.
So if you happen to be searching for a new home in Toronto at the moment, you are definitely not alone. The market is primed and ready. This is especially true when you consider that new listings are up nearly 40%. Also, TREB is showing in their most recent market analysis that there has been a widening of the gap between Toronto homes listed and those being sold. This means more purchasing power for those buyers out looking now. The more homes to choose from, the more control the buyer yields. This leads to not only being able to up the chances of finding the perfect home, but also being able to negotiate a better price during these instances when inventory is higher.
But this news shouldn’t discourage those who are looking to sell a Toronto home now though. When compared to last year, the number of days a home is sitting on the market before it is sold has actually dropped. As of May 2009 a home in Toronto sat on the market for approximately 35 days prior to being sold; that number is down to 22 as of May 2010 (for single family homes). This is a positive sign that shows a Toronto home will likely be sold in less than a month when it is on the market. This can likely be attributed to the fact that Toronto is always going to be a sought after city to live in and own property no matter struggles its housing market goes through.
In case you were wondering, close to 50% of the Toronto homes being sold are single family detached homes. Apartment styles condominiums are a distant 2nd with about 20% of the sales. It is also important to point out that the average price of Toronto homes for sale has gone up about 13% within the last year.
It seems that all the data shows that homebuyers as well as home sellers have something to be excited about. Whether you are looking to buy or sell a Toronto home, it appears that you can look forward to having your needs met. The Toronto housing bubble looks like it going to continue its growth with no signs of popping – this is Toronto we’re talking about after all!