APRIL – 2016
Same Problem – LOW INVENTORY
This Heated Housing Market is showing little signs of slowing down. There are Fewer Listings and Multiple Buyers wanting to bid on Homes that are Available For Sale.
Detached and Semi-Detached Prices keep climbing especially in Toronto. However, Condo Sales were up 17.4% over last year, which is a strong indicator of Affordability issues in the Freehold Home Market.
The major reasons why Homeowners are reluctant to Sell are that they want to hold onto their Investment to see just how high the Market can go; Secondly, there’s little incentive to move, as a Replacement Home Purchase would be at a Premium and probably Competitive and Lastly, Children are living at Home longer, which prolongs Parents from Downsizing. Toronto is facing yet again, restricted Housing Supply which ultimately places pressure on Housing Prices to move upward. This also continues to add stress to Buyers across the City.
Average Toronto Price of Homes:
Detached $1,257,96 Days on Market 12
Semi-Detached $ 901,159 Days on Market 10
Condos $ 436,545 Days on Market 25
Thinking of Making a Move?