MARKET REPORT FOR APRIL, 2017
The latest market report with statistics as reported by the Toronto Real Estate Board for the month of April, 2017.
As you probably have noticed, homes are not selling as quickly as they have been doing for the past several months. We seem to have transitioned into a more stabilized situation which is making a lot Buyers happy. The Seller’s, however are not as happy, as it was a Seller’s market before the transition. This might be as a result of the Fair Housing Act which was passed recently by the Premier of Ontario. We have seen the multiple offers have decreased significantly, where homes are not selling above asking.
Homes are remaining on the market for longer periods of time. This is giving buyers the opportunity to submit an offer without another competing offer. Although the number of sales have decreased slightly, the average sales prices have increased. The average time before selling has decreased significantly from one year ago, from 15 days to 8 days. As we progress into the summer months, we may see yet an additional lull in the sales. This typically occurs during the months of July and August when families are on vacation. The average sales prices were up slightly from last April to $796,555 an increase of 15.33%. The listing to selling ratio has increased slightly by 7.84%, from 102$ to 110%.
Number of sales were down 6.94% to 1,127 units from 1,211 units in April, 2016
Average sales prices were up by 21.65% from $654,819 to $796,555
Days on Market dropped by 46.67% from 15 days to 8 days
Selling price vs. List price increased by 7.84% from 102% to 118%
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