Toronto's Real Estate Market continued to get busier in May. The April statistics noted that resales jumped 27 percent from March (seasonally adjusted). A 6.5% rise in new listings gave buyers more option to bid on, but new Sellers only met rebounding demand partway.
Demand is up and inventory is still very low. Demand-supply conditions tightened for a fifth-straight month and now look as firm as they were before the market's downturn. This helped push the price recovers upward.
The GTA's MLS Home Price Index rose for the second consecutive month by 2.4% month-over-month in April and Robert Hogue, assistant chief economist RBC Economics, expects further increases will likely follow if conditions remain this tight. Good news for Sellers that have been waiting for the market conditions to pick up.
Sellers hold the key to the market's trajectory, according to Hogue. Much will depend on the number of new listings this Spring and if listings increase then we may see more balanced market conditions.
At this point in May, it's a very active Seller's Market in most areas. Buyers on the other hand are realizing now that prices are increasing that now is the time to Buy before prices increase further. There is definitely a more optimistic and positive outlook for both Buyers and Sellers and the Spring Market is busier than ever.
It's a great time to sell your house now that market conditions have finally turned the corner. If you are thinking of selling then please don't hesitate to reach out to us for a market analysis and to find out about our proven Marketing Strategy.