News on Toronto’s Housing Market

If now is the time that you are considering checking out Toronto homes for sale, there is a huge likelihood that you are going to be interested in what the current market is looking like.  Obviously a potential buyer will want to purchase at a time when conditions are most favorable to him or her.  Well there seems to be good news with regards to Toronto homes that should make a buyer feel more at ease regarding choosing now as the time to buy.

According to the Toronto Real Estate Board (TREB), housing numbers for May of this year are only a slight bit lower than this same time last year (roughly 1%).  But this news isn’t bad at all since it appears that there is a pretty good reason for this decline in Toronto home sales.  Data that TREB has collected for the months of February through March of 2010 show that there were actually a record number of home sales in these months.  This means that the Toronto homes for sale were moving a little bit earlier this year.  Buyers may have been frightened of interest rate hikes to come later in the year and therefore decided to move earlier in order to lock in lower rates.  This means that if you are a buyer looking to purchase this year, you are definitely not by yourself.

It is also important to point out that new listings are up by nearly 40% this year.  A recent market analysis conducted by TREB is also showing a larger gap between new listings and Toronto homes actually being sold.  I’d say this is great news for those starting their new home search now.  When there are more available options of Toronto homes to choose from the buyer normally has more control over the process than if there was a shorter supply of homes available in the marketplace.

This news should not discourage those looking to sell their Toronto home though.  The flip side of this coin for the seller is that the average number of days a home is sitting on the market before being sold has dropped dramatically.  In May of 2009 a home sat on the market for an average of 35 days.  This year that number is down to 22.  This is a decline of 37%, which is a very positive sign for anyone with Toronto homes for sale right now.  It also means that buyers who do find that perfect home would be wise to move quickly and make an offer or the home just may be sold to someone else.

Half of the homes being sold are single family detached homes with condominium styled apartments coming in a distant second.  In addition, the average price of a Toronto home being sold has gone up about 13% from the previous year to now.  This new is promising and is showing that the Toronto housing market is in a good place with no signs of bursting in the bubble that many have feared.