How’s the market? Read on.
[There’s an info-graphic to sum this all up at the bottom]
The March figures are in and they’re spectacular! Well, if you’re a Buyer they’re not so great because nearly every segment from Detached down to one bedroom condos are doing very well.
Here’s what’s been happening over the past four years: First folks were going after the Detached Dream, then they were priced down into Semi’s then as the demand for semi’s shot up (see last month’s report) folks were priced down to townhouses and the same story pushed folks into larger condos.
Right now the demand is massive for anything from Detached homes down to larger two bedroom condos and townhouses. The one bedroom condo is still hit or miss. If you’ve got a loft type space we can definitely move that for a record price today but your average downtown condo is still sitting on the market for a little longer.
Townhouses in the East end led the way with a whopping gain of 32% over last year with places like this one we sold last week fetching record prices. Homes (condos, houses) are spending 20.7% less days on the market and active listings are down 20% across the board in the 416. With less and less for Buyers to choose from, similar homes are out performing themselves month over month. Decisive Buyers are winning and those having a harder time coming to terms with the market are spinning their wheels and will continue to do so until they get the proper representation and/or decide that Buying is what they want to do right now.
We’ve actually talked a lot of people out of Buying because it’s just not the right time for them but we’ve also helped a lot of people get out of their own way to make amazing Buying decisions. Which way do you need to be pushed? Ask us.
We’ve been pushing our condo Buyers to buy the community not the property and that’s proven to be the winning strategy as condos and towns in urban communities surrounding the core have grossly outperformed their central counterparts. We haven’t been able to keep our larger condos and lofts on the market for longer than a couple of days in this market. The most popular areas we’ve seen the most growth have been in the Leslieville, Riverside, Corktown areas in the East end and the communities bound by College to Queen and Ossington to Bathurst in the West End.
Check out our monthly market snapshot below and sign up to never miss another one again. We can even make neighbourhood specific ones for you…just ask! You should probably also sign up for our custom property match system so you don’t miss your next home when it hits the market. Time is of the essence here and we like our clients to be on top of things.