If you are in the market for Toronto Homes, odds are you will want to know what the current market is like. The news appears to be promising for those who are looking to make a purchase in the near future. As a matter of fact, it seems that many of your fellow homebuyers have already beat you to the punch when it comes to choosing their own Toronto homes.
The Toronto Real Estate Board (TREB) is reporting housing numbers for May 2010 that are just a little bit lower than this time last year (about 1%) for new homes sales. But reports are this is because new homebuyers got a head start on making their purchases this year. Data shows that February, March, and April posted record numbers.  It appears buyers are attempting to make their move before interest rates get moving in the upward direction. All of this means that if you have decided to purchase a home this year, you are not alone. This is also the highest May on record when compared to years prior which also speaks volumes about the direction in which the housing market is moving.
One important point to highlight is that new listings are up by close to 40%. In addition, TREBs most recent market analysis is showing that the gap between listings and sales has widened a bit. This is excellent news for those who are beginning their search for those perfect Toronto Homes for Sale. When there are a few more options of Toronto homes for sale the buyer feels (and rightly so) as if they have more control over their home buying destiny.
But those looking to sell their current home need not be discouraged by these figures. There’s still good news for you as well. Looking again at last year’s numbers versus this year’s show the average number of days the homes are sitting on the market before being sold has dropped significantly. In May 2009 the average number of days that a home stayed on the market was 35. One year later in May 2010 that number has dropped all the way down to 22 (for single family dwellings). This 37% percent reduction is a positive sign of what is going on in the real estate market within Toronto.
It appears that close to half of the homes being sold are single family detached homes with condominium apartments coming in 2nd at roughly 20%. And considering that the average home price has risen 13% from last year May to the current year, it seems that things are looking good. All of this news is good for those who are buying as well as selling a Toronto home. Whatever the fears you may have had about a Toronto housing bubble can be put to the side; it seems that the housing market is quite resilient in this world class city anyone would be proud to call home!