May 26 | Posted by Barry Cohen

Despite recent reports claiming the Greater Toronto Area real estate market is showing signs of slowing, it is never a bad time to buy or sell in the GTA. Why?

From the perspective of the seller, the market is experiencing a record number of real estate sales combined with a lower inventory of available luxury homes. Toronto closed sales rose 7.4 percent in April compared to the same month in 2014 and increased 3.1 percent compared to March. In particular, luxury homes sales are closing on an average of 28 days from listing, which is one of the fastest rates globally. 

The record number of closed sales is contrary to a pronounced decrease in new listings. The GTA real estate market posted 10.3 percent fewer number of new listings compared to April last year. A declining inventory combined with a record number of closed deals means GTA sellers can expect buyers to compete for their property.

However, a highly competitive market has benefits for the discerning buyer. Toronto’s real estate market has witnessed home prices rising over $100,000 over the last year, with greater gains over the last ten years. Even if the market starts to move towards equilibrium, strong interest in GTA real estate is expected to continue and demand drives home values. Buyers should view their new home as an investment. Increasing median home values spillover from the GTA, meaning extended areas will see values rise.

The Barry Cohen Group is a specialist in negotiation, which is critical in the current GTA real estate market. Contact us today about the advantages of buying or selling this spring.