In the GTA one thing is for sure, we have a shortage of listings and it is not limited to Toronto. Here in South Simcoe County and York Region we are at the lows of the year currently, but we are not far from the highs with the amount of listings on the market at one time. Sales have been very strong all year long, and the number of days a home sits on the market has been shrinking too.
People have been hesitant to list as they are not finding a suitable home to move into. Leaving many potential home buyers/sellers to stay and renovate. That's a Realtors worst nightmare! I've heard the word renovate more times than I have fingers this past year. I'm sure the home renovation stores are having a very good year.
Prices have gone up at the fastest pace ever, or that's the way it feels. Home's in my area are up 10-16%+ over last year, that is one of the factors with people staying put. With other areas of the country experiencing the opposite effect like in Calgary where prices have declined due to the falling oil prices, the GTA is still flourishing.
First time home buyers are really feeling the pinch by being squeezed into moving further from Toronto or in a tighter space closer to the city. The rapid increase in prices have hurt the first time home buyers, leaving them to make tough decisions in regards to what and where they purchase. My advise is that this is your first home, start small and build your way up to your dream home. Remember most of your parents did!
I think a leveling of prices to a normal 5% increase we will see an increase in listings, but until that happens we are going to continue with a shortage of listings in the GTA.