March 2017 was the Toronto Housing Market’s definition of MARCH MADNESS!!
So here are the highlights:
*Sales were up by 18% in the GTA compared to last year.
*New listing were also up for the first time in months by 15% But still not enough inventory to suit buyers’ demand because….
*total listings were DOWN BY 35% AND
*What inventory WAS available sold 37% FASTER than last year at this time.
*Average sales prices were up by 33% compared to March 2017. Now that’s worrisome!!!
And condo sales are just as brisk! In Toronto sales increased by 29% compared to March of last year and average sale prices increased by 32%. So what now? When will the MADNESS end? The answer is….
In due time. And hopefully of “natural (market) causes” and not because of gov’t manipulation/intervention which could cause some very unattractive unintended consequences.
So far, the gov’t has been “behaving”; however, there is a political component to this scenario that could come into play. Politicians like to appear as if they are “doing something” for the people, and in the interest of “optics”, they may be tempted to step in and truly upset this apple cart. History tells us this is not good for the market, or the people of Toronto and at the very least, history shows us intervention is ineffective at best. That’s what I have learned from history at least.
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on you, your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.