Apr 21 | Posted by Barry Cohen

Last months stats from the Toronto Real Estate Board were all positive if you were selling your home in the Greater Toronto Area this Spring. Homes were being sold at almost record-breaking numbers while the average sale price of residential properties increased compared to figures from this time last year. Not only that but fewer listings entered the market in the first quarter of 2016 and the month of March compared to this time last year. 

The current narrative of the Toronto real estate market says more than just high demand and rising prices. It describes an ideal situation for individuals who are considering selling their home this Spring. 

Sales of Are On The Rise

There has been a 63 per cent, year-over-year increase in sales of homes listed at $1million or greater in the Toronto real estate market. This indicates that there are more prospective buyers looking to buy residential real estate in the GTA. 

Fewer Listings Means Greater Chances to Sell

While sales continue to rise year-over-year, buyers have fewer options to choose from as fewer listings enter the market compared to the first quarter of 2015. This is an extraordinary opportunity for sellers as their chances of selling their home increase as does the turnaround time between listing and final sale. 

Average Price Continues to Rise

The average sale price of residential properties has increased by 12.1 per cent compared to this time last year. Paired with buyers that want to buy and fewer options available to them this has created the ideal seller’s market. 

Foreign Buyers Intrigued By The Low Dollar

With the current state of the Canadian dollar the Toronto real estate market is an attractive opportunity for foreign buyers and investors. Similar conditions occurred last year in both Toronto and Vancouver, but now with increased sales, rising prices and fewer listings available it’s possible that foreign buyers could be even more active this Spring. 

These factors have created a buyers-frenzy and an ideal market for sellers in the city of Toronto. If you’re considering selling your home this Spring contact the Barry Cohen Group to help list your home.