Over the past few years, we’ve seen housing prices across the GTA skyrocket to incredible highs. And while this might have been great news for sellers, it pushed many buyers out of the market.
That said, the fire has dimmed, with prices and sales slowing down over the past few months. But could the spring season bring a spark back to Toronto’s real estate market?
Here’s what you can expect from Toronto’s housing market this spring…
The Market Will Continue to Balance Out
After years of prices going through the roof in Toronto – and across the country – they’ve cooled somewhat. Based on expected market conditions, the seller’s market in Toronto isn’t going to be as hot as it was months prior. And it’s certainly not as strong as it currently is for other markets across the nation that are gaining steam, like Ottawa and Montreal.
Prices to Grow Slowly
In the coming months of spring and summer, prices are expected to make small gains. January prices increased from $748,325 in January to $780,397 in February, and such prices are expected to continue to creep up.
That said, the gains are modest at best compared to last year’s market.
Sales Will Trend Upwards Modestly
Sales increased from 3,993 in January to 5,025 in February. But even though the numbers are inching upwards, they’re still slightly under where they were the same time last year. February 2018 saw a total of 5,149 sales, and in 2017, the number was at 7,955. And sales numbers aren’t really expected to flourish any time soon.
The sales-to-price ratio (which is a measure of how much a home sells for compared to the last list price) in January was 49.7 per cent. Such numbers suggest that the housing market in Toronto is balancing out and is not necessarily in strong favour of either buyers or sellers.