As the weather warms in the GTA, more properties will become available...Low borrowing costs seemed to have kept affordability within the realm of many buyers as sales and prices began to move. Even though Inventory levels
were 11 % lower than the same time last year, a total of 8,081 sales were reported in March 2014 – up by 7.2 per cent in comparison to March 2013. For
the first quarter of this year, amidst the deep freeze, sales were still up +3%.
Strong demand with lower inventories continued to put pressure on prices in most housing categories.
The average selling price for March 2014 sales was $557,684 – an increase of almost eight per cent compared to the average reported for March 2013.
The average price for the first quarter of 2014 was up by 8.5 per cent year-over-year.
As the weather warms, expect to see more homes and condos becoming available. This will help ease the pressure on pricing.
For sellers you likely have about 4 weeks left to enjoy the advantage of shorter supply. Buyers will start seeing more affordable options with greater choices.
If you are curious to know what your Toronto home or condo is worth, visit www.TorontoHomeWorth.com
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