Toronto’s housing market conditions tightened throughout March. The Toronto Real Estate Board stats show that homes lasted less time on the market, there were fewer listings and for the first time in months, the average home is selling above its asking price.
Sellers are taking note of these conditions and are slowly bringing new inventory to the market — but not as quickly as I had thought. On the buyer’s side there still seems to be some hesitancy. The desire and need for buyers to compete for homes hasn't reached its previous levels and there is still a question about the overall health of the economy.
The year-over-year average sale price remains down 10 to 15 percent however I’m confident we are at the bottom of this hill and that this spring will be the start of a gradual upward trend. - Andrew
