Toronto Real Estate Market Report – April 2010
April 15, 2010
The Real Estate market in Toronto is moving towards the balance. Even though there were record sales in March – over 10,000 units, the end is approaching and it will probably come before July 1st introduction of the HST in Ontario. The prediction is the the market will peak in April. The multiple offer sales are already down and if there is a multiple offer sale there is no bidding way over the listing price. The other factor is the number of listings coming on MLS. Presently there are over 19,000 listings on TREB and 1,100 for the downtown condominiums. The sale-to-list (sales to active listings in a month) is now 50% compared to 80% a while ago and it might go down to 25-35% in the nearest future.
The Government is also helping to slow the market down with the recently introduced new CMHC lending policies that will affect buyers with the low down payment and investors (see Blog, dated March 25, 2010).
