GTA Market Update – April 23, 2013

Toronto home sale prices

Listings scarce in central Toronto

As of mid-April, Toronto average home prices were continuing their rise. So far, however, sale prices in 2013 have followed a typical, seasonal path (in contrast to 2012, when prices were up sharply for most of the year.)

Throughout most of midtown Toronto, almost half of house sales were the result of multiple offers. Condo sales were also brisk, though with fewer bidding wars.

“Not enough product”

Agents have described the frustration of their buying clients who end up competing for suitable properties with half a dozen or more other buyers. “There’s just not enough product out there,” has become a familiar refrain at open houses.

This current market is an ideal time for home owners who have been planning to sell – especially if their homes are in the sought-after $600,000 to $800,000 price range.

If you’re considering a move we’d be glad to help you plan your options. You can email us, or feel free to call James and Joanne at 416-483-8000.

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