The Toronto Real Estate Board announced on April 3rd that the average price was up in March and the first quarter of 2013. Yet sales were down 17.3% in the GTA and 24.60% in Mississauga compared with March 2012 sales figures. How is that possible? Well, here's my take on averages. As fewer low end value properties sell (ie: the condo market is definitely showings signs of slowing) the market data sways towards higher end properties selling (ie: not condos) and this will lead to a perceived higher average price in the marketplace.
The spring market is certainly showing signs of strength with continued numbers of bidding wars occuring as a result of increased demand with poor supply issues. Where are all our sellers? The nice properties go fast and the fixer uppers continue to sit as buyers demand "ready to move in" properties which they can finance inexpensively as opposed to doing work on a house which requires cash they don't have. Instant gratification at below 3% interest rates! Can you blame them?
Happy House Hunting!