The average price for a single family home in the GTA has remained relatively unchanged. January gave us a decline followed by an upswing in February of 5.14%. March continues the movement upward, if even slightly.
This spring is a buyers market as they have come out with a swell in number of 6,171 sales, down only slightly from last March numbers of 6,631.
Entry level homes are showing the greatest activity as buyers swoop in to get their foot in the door, taking full advantage of the lower mortgage rates and motivated sellers. We do see fewer listings indicating that sellers who have a choice are opting to not participate in the market, particularly at the higher end of the market. What does this mean? You will see the average prices dip lower as the majority of homes moving are at the lower end.
What is apparent is that the market is in a positive mood and that entry level buyers are making the move into the market before full stability returns and prices begin to move up again (and these new buyers realize positive gains).
It would appear that with the return of stability to the market, larger, more expensive homes will come to the market bringing the buyers too.