April has been one of the busiest month on record! We are still seeing limited inventory, with a 26.9% decrease in the product for the month of April, while the number of active Buyers in the marketplace is up 12.2%. The dip in sales was the result of a limited inventory of homes for sale. These percentages highlight why we continue to see such a competitive bidding frenzy in the housing market. As we move into the busiest time of the year, in terms of volume of sales, strong competition amongst buyers will continue to push prices higher!
April did not show any signs that the dreaded bidding war or bully offer frenzy were coming to an end. In fact, we saw record numbers for the average sale prices across the GTA for condos and freehold homes. The average sale price for a condo in Toronto is up by 7.6% from last year for an average sale price of $409,631 while the average sale price for a home is up a whopping 14.4% for an average sale price of $697,679. It is important for buyers to be aware of the changes in our marketplace so they have a realistic idea of budget.