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The Toronto real estate market continues to be hot, hot, hot as we head into the spring market, actually who am I kidding, we ARE in the spring market! The continued lack of inventory is still fueling bidding wars across the GTA between buyers, pushing the average price higher and higher. In fact, the average price on the Toronto Real Estate Board in the GTA rose to $501,614 for the month of March, a 10% increase when compared to March 2011. In the 416 area the average price pushed to $548,354, which is a 9% increase from March 2011.

Although the number of new listings was up when compared to March 2011, they are still not at healthy levels when compared to the relationship of price and listings. I’m finding that the really good listings are far and few in between and of course either have offer deadlines or 24-48 hour irrevocable requests, which might as well be an offer deadline as it entices multiple offers still. There’s no winning here for buyers, unless your pockets are deep! The one positive thing buyers have going for them is continued low historic rates, borrowing has never been so affordable.

For those buyers who are waiting for prices to drop or the market to cool before they enter the real estate market, better get off their butts and make some moves. Last year I had a few people who refused to buy because they were convinced there was a big real estate crash heading our way in 2012, all thanks to the media, are kicking themselves for not buying sooner, considering the average price is hovering around the half a million dollar point and will probably continue throughout 2012 as pointed out by Jason Mercer, Senior Manager of Market Analysis. Boy are they sorry they didn’t jump the gun in 2011, so don’t get suckered into the same rut this year. There is no such thing as a perfect market, it’s always a catch 22, as they say. When prices are lower and the market is better supplied, interest rates are higher, when prices are higher and inventory is low, interest rates are also low. It’s simple economics, supply vs. demand, so don’t wait!

Sellers who are waiting to sell, for what reason I don’t know, do some spring cleaning and decluttering and get that house on the market ASAP! No time like the present, with 9,690 transactions reported through the TorontoMLS in March 2012, why not sell your home now? Ton’s of buyers and low inventory make it favourable conditions for sellers.

Bottom line, if you or someone you know is thinking about buying or selling real estate, I would appreciate you letting me know, so I can help! I promise to take extra special care of you and your referrals.

Now before I sign off, I leave you with a video, I’m mean who doesn’t love to watch a video? It’s the TREB Market Watch for March 2012:

Have a great April!

Your friend in real estate,
***Image via CanEquity***
***Statistics via TREB***

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