Jun 4 | Posted by Barry Cohen

How’s the Housing Market in the GTA?  Red Hot.  Our city, unlike most other cities in Canada and the world for that fact, has a strong, even surging, real estate market that is setting and breaking records month after month.  The spring market is considered the busiest time of year and usually by the time June rolls around most markets experience some kind of slow down that lasts throughout the summer months – not the Toronto market – it shows no signs of decline.

Even as we start into June, home sellers can still experience bidding wars on their properties, especially those located in the core or highly sought out neighbourhoods including luxury homes.   I’m predicting that with the late arrival of warm spring weather, the spring market will extend all the way through the summer this year. Our market was even strong over the winter, despite daytime temperatures shattering old records for cold that lasted for months; people were still out buying houses – that really says a lot about the intensity of our market.

The spring home-buying frenzy hit record levels, with housing sales up by a whopping 17 percent year over year all across the GTA and over 11,000 home sale transactions taking place in April alone.  The price of a detached home in the 416 area topped one million dollars and the average single-family home price rose to over $800,000 citywide. The average days listed homes remained on the market dropped by 10% compared with last year to only 18 days.  That’s a total of 18 days from the time the home was listed until an offer had been accepted and the deal was closed - that’s a very enviable position for GTA home sellers.

We all know that Toronto is a terrific place to live or invest in real estate, and that was partially responsible for the strong market numbers, but other factors like low interest rates and a relatively tight inventory also contributed.  Market analysts do not expect to see this situation change much throughout the remainder of 2015.  This means that until the GTA experiences a sustained period in which listings grow at a faster pace than sales, the annual rate of home price growth will remain strong.

Toronto is the only city in the world to register a year-over-year increased pace in the sale of high-end luxury homes that jumped by an incredible 37 percent in 2014 compared to the previous year. The Muskoka’s that is being dubbed “The Hampton’s” of the north registered a 66 percent increase in high-end waterfront purchases in 2014 over 2013.

If you are considering putting your house up for sale, now is the time.  With a market as strong as ours and events happening at such a quick pace, you need a professional working and negotiating on your behalf.  I would be happy to provide you with an accurate evaluation of your home’s current market value and ensure that you get the best price in the shortest amount of time with the least hassle.