Sales activity, new listings and average sale prices are all up in March compared to the month prior.🔥 Which is great news except the question on everyone’s mind still remains: are these just positive signs of cyclical spring market conditions or is it truly the potential market rebound the media is talking about, that buyers and sellers are experiencing and Realtors are navigating?🧐
If you like data, here’s a closer look at the numbers:
↗️Sales activity is up by a massive 44% from February to March, meaning the number of buyer and seller transactions increased significantly again from the month prior (it was up from January to February as well).
💰Prices increased just moderately at 1.1%, although still down 14.6% year over year. However, seeing a price increase for the 2nd month in a row this year is certainly something that every GTA homeowner is happy about right now.
🏡The number of new listings also rose between February to March, another sign of a strong spring market, however that number is still dramatically lower (44.3% lower to be exact) than the same time last year.
What’s actually happening?
With this knowledge, we are able to see why the market is heating up; increased sales activity means buyers are active but with an extremely low number of homes for sale, competition is tight (which means one key thing: bidding wars are officially back). However, it’s important to note that the uptick of multiple offers is rather segmented within the GTA. It’s very neighbourhood and home-type specific. Meaning, we are seeing more bidding wars amongst homes than condos and especially in properties situated in the east end, or in far west pockets throughout Burlington and Hamilton.
“Recent consumer polling also suggests that demand for ownership housing will continue to recover this year. Look for first-time buyers to lead this recovery, as high average rents move more closely in line with the cost of ownership.” TRREB President Paul Baron
What does this mean for me?
If you’re thinking about selling:
It means you can likely expect a steady number of showings, an increase in attendance at open houses and the ultimate result? Multiple offers with a strong sale price. Keep in mind that not every area is performing at this pace, so please consult with us to determine the best strategy for you.
If you’re a Buyer or Investor, it means:
There are still some deals to be had! But that window is getting narrower quickly. Some pockets of the GTA (and Southern Ontario) have opportunities to consider but ultimately knowing what is the right home or investment comes down to a lot of lifestyle and/or financial factors that we can discuss when you’re ready.
📩Just hit reply when you’re ready to connect to ensure you are best prepared to enter (or re-enter) the market with confidence and a clear plan.
