Where the Toronto Spring Real Estate Market is Headed
As I mentioned in my previous Blog, the prediction for 2020 is that we’ll have a strong real estate market.
The numbers are proving correct as we move into the Spring Market.
In advance of seeing the numbers for February, we can already tell that the Spring Market is going to get even hotter.
We normally start the year off with 10,000-12,000 active listings on the Toronto Real Estate Board (TRREB).
By June, the number of listings should peak around 20,000. Then, they shoudl start to come back down as we move through the summer and into Fall. By December, we can expect around 10,000 listings.
However, January 2020 was different. We started the year with approximately 7,000 listings, and currently, we are hovering around the 8,500-9,000 mark.
As you can already see, we are short about 3,000-4,000 listings compared to where we should be at for this time of year (somewhere around the 13,000 mark).
As the number of buyers in the market continues to outpace the number of new listings, we’re seeing an increase in competition for the same properties, pushing prices up by way of multiple offers and bidding wars.
So, as we finish off the first two months of the year in an environment of multiple offers– in some cases, an upwards of 10-15 on a single property, we can expect the next three months to get even hotter.
It is projected that we are about to embark on the second hottest market in the last 30-50 years, the first being the crazy market of 2017.
If you’re thinking of selling, now is the time to seriously consider making your move before the Spring market is up. It is predicted the market will start to correct itself by June, and be back in line where it should be.
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