The statistics, according to the Multiple Listing Service® (MLS®), seems to indicate a buyer's market. The sales recorded in the first 2 weeks of April this year, according to the Toronto Real Estate Board, were 4,601 sales. According to the reported sales same period last year, it was 3,681 which means there was an increase of approximately 25% in sales.
If we look at the reported new listings, according to the board, it increased to 9,512 which increased by 48% annually. The number of new listings is higher than sales which is an indicator that the current home market is raising in suppy therefore becoming a buyer's market.
Having said that, if we look at the reported average price for mid April this year, it was $430,271 which is up by 12% compared to the reported $383,361 that was recorded last year in April for the first 2 week period. If buyer's have more choice, we will have to see what impact it will have to the per centage increase in the average prices.