March 2020 Market Toronto Real Estate Update
Saturday Mar 14th, 2020Share
As our listing inventory decreased over the past year, competition between buyers has clearly increased which resulted in a further acceleration in year-over-year price growth in February 2020
7256 residential sales were reported during the past month which is a 45.6% increase from the number of sales reported in Feb 2019. Sales were up for all home types.
The trend of growth in sales versus new listings continued within the past month, with new listings down by 7.9% compared to Feb 2019. This resulted in tighter market conditions and positive annual rates of price growth across all major market segments.
The GTA's strong population growth and decreased mortgage rates are resulting in more sales. If we DO NOT see more listings come to the market, then expect price growth to continue.
PLEASE, DON'T BE SO FAST TO HIRE AN AGENT WHOM YOU'RE NOT CONFIDENT WITH! In today's market, some of the common things most agents are doing to try and get homes sold simply don't work that well to get you top dollar for your home. Hiring an agent to sell your home without interviewing 2 or 3 agents is a big mistake that will cost you thousands of dollars.