According to the "Toronto Real Estate Intelligence" dated February 2012, courtesy of Treb Real Estate Blog, The average price for an average home in Toronto has risen to over $500 K compared to 2011. It further stated that "Greater Toronto Realtors reported 7,032 sales in February 2012 – up 16 per cent compared to February 2011. New listings were also up over the same period, but by a lesser 11 per cent to 12,684." Is it possible that we are currently experiencing a Seller's Market? Noting that for the first 28 days of February, sales and new listings were up by ten per cent and six per cent respectively. With an extra day in the year, 2012 being a leap year, one more day in February has also added to the total sales increase compared to last year. Additionally, The President for the Toronto Real Estate Board, Richard Silver stated that,“With slightly more than two months of inventory in the Toronto Real Estate Board (TREB) market area, on average, it is not surprising that competition between buyers has exerted very strong upward pressure on the average selling price. Price growth will continue to be very strong until the market becomes better supplied.” I wonder which market situation is more favourable, that of the buyer's or for the sellers? Or is it an issue of demand and supply? Let us continue to watch the market trend and hope for a very productive 2012 for both buyers and sellers.
Is our current market trend more favourable to Buyers or Sellers?
- March 6, 2012
CENTURY 21 Leading Edge Realty Inc., Brokerage*