It's been a slower than expected start to the spring market. The amount of sales and selling prices are similar to this time last year but the number of listings is up slightly.
The Bank of Canada's delay in decreasing interest rates has contributed to the sluggish start. Knowing how strongly Toronto's real estate market responds to the news means that this could continue until an announcement is made.
Looking at the graph (at the bottom of this email) of home prices in all sectors of the market, I'd say that this is likely the most balanced and healthy that I've seen the market in years!
Freehold homes in prime areas are performing the strongest by far, with multiple offers in most cases. The condo market continues to lag behind. It takes a very special unit to produce multiple offers. I suspect we will see more of the same for the next few months. -Andrew