As expected, (March being the start of the Spring Market) Toronto Real Estate Board Realtors reported 12,077 residential sales through TREB’s MLS® System. For the TREB market area as a whole, annual sales growth was strongest for condominium apartments and detached houses.
While new listings were up strongly compared to last year, the rate new listings growth was still lower than the rate of sales growth. As a result, prices rose due to the competition of more buyers than houses available.
The challenge is that the growth of the city population is outgrowing the available space. It’s too bad that the various municipalities are so slow to allow permits for new developments and charge high fees to builders to get the land developed. More land for homes and lower costs to develop lands would go a long way to solving the undersupply of homes we are experiencing.
April will be another banner month for home sales as we continue into the Spring Market. While it’s true that a house sells itself, the price a Seller gets is dependent on the skill and marketing plan that an experienced, full time agent brings to the table. In this crazy market, I see daily examples where the house would have sold for more had the agent done a better job.
Remember, I am never too busy to answer your questions or handle your referrals!
Have a great April!
Your Friend in Real Estate
PS. I’m never too busy for your referrals!
Steven Maislin, I.R.E.S. ABR, SRS, SRES
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