GTA Market Update – May 17, 2013

Toronto Home prices 2013

The Magnolia Effect

Average resale home prices in each of the first two weeks of May moved into record territory. In 2012, the spring peaked in April – but this year’s pattern may be more typical for the season.

The past two weeks have seen the city’s parks and front yards bursting with flowers. Even urban hipsters have been posting mobile uploads of magnolias, tulips, and wisteria! It’s not rocket science to imagine that the sudden greening should have an effect on home sales.

What happens next

Using past years’ behaviour as a guide, the next few weeks may shift over to a more balanced market – or at least, a less-lopsided one. If new listings continue to come out into June and July, buyers may find that they have some choice!

If you’re thinking of selling your home, a good agent will provide guidance on pricing and timing strategy. We’d be happy to help. You can email us, or feel free to call James and Joanne at 416-483-8000.

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