The tulips are out, and so too are Toronto listings, sprouting up a healthy 13.9% year over year, while actual sales were down 8.4% due to the statutory holiday landing in March rather than April this year. A modest price increase of 3.1% overall from March 2023 is encouraging. 

“Price growth is expected to accelerate during the spring and even more so in the second half of the year, as sales growth catches up with listings growth and sellers’ market conditions start to emerge in many neighbourhoods,” said TRREB Chief Market Analyst Jason Mercer. 

Despite the Bank of Canada’s decision on April 10th to hold interest rates, we are seeing the budding of a seller’s market in the freehold home sector in Toronto. Many homes are selling with multiple offers and over asking, once again. Condo sales and prices have been slower to blossom. With a flood of new condo listings this spring, we’re in more of a buyer’s market in the condo category - a great opportunity for first time buyers, downsizers and investors looking for a deal.

While a June interest rate cut was “within the realm of possibilities,” BofC governor Tiff Macklem said they’ll need to see sustained price stability before considering cuts, which will be slight, and unlikely to return to the low levels seen in 2020/2021.

Unsure about what your next move should be? We offer no pressure, free market valuations, advice and referrals to help guide you to the right decision for you. Call Mia today at 416-937-8734.