03 Apr Market rebound happening in downtown Toronto
This has been a very slow week in terms of new listings because of the holiday weekend. Moving into next week and April, I expect a substantial bump in new listings when compared to March. While the bump in new listings should provide a few more options for buyers, there is so much demand right now that April will likely be extremely competitive.
As such, if you need to sell your house, mid-April or early May will be a good time to do it. The weather will have turned by then and buyers will be in peak frenzy. You may be leaving some upside on the table if new inventory continues to be weak going into June, but timing a rising market is always a risk.
The rising market is noticeable in the sale prices and number of offers properties downtown are receiving. a few recent sales are good examples. A house on Grace Street received a bully offer (yes, bully offers are back) and sold for $250K over asking. It is a 2BR row house without parking on a short lot, but a very nice basement apartment. An investment property in Parkdale had 8 offers and sold for $210K over asking, while a renovation opportunity on Millicent Street had 5 offers. It is clear that the market is continuing to rebound as the psychological effect of the market dip fades, inventory is sparse and interest rates remain accommodative.
-Nick, March 30/2018
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