Sales Still Slow Due to Very Low Inventory in Toronto - April 2018 Sales Stats
April 2018 - 7,792 sales changed hands, a decrease in sales compared with the high of last last year however an increase in sales from last month.
Average selling prices were down by 12.4% year over year. This due mainly to detached houses losing some value from their peak last Spring.
Condos are still gaining value year over year with large increases over last year. Unlike Traditional Houses the Condo market is very much in demand right now.
Inventory is still very low on all fronts and Quality new listings are not lasting long on the market. Bidding wars are slowly starting to ease now that the market is coming to terms with new mortgage guidelines.
Condos are now starting to increase in value by a higher percentage compared to houses. This represents a stark shift in the mind of the buyer. Condos are now viewed as the more realistic home choice for buyers to not only live and grow in but to get a foot hold into the Toronto market.
Contact me for more details: gaelen@gaelenpatrick.com or direct at 416-801-9265
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