Despite higher prices, sales increased in April 2014 by 1.8 per cent compared to April 2013, according to the Toronto Real Estate Board (TREB). Total April 2014 sales amounted to 9,706, compared to the 9,535 transactions we saw in April 2013. The average price has grown 10.1 per cent compared to April 2013, and until some more listings come to the market, prices will just keep growing.
As you can see, the market has been active, and at the same time (due to weather bringing us a later spring), we have had an increased problem with lack of product, pushing prices up and frustrating buyers and their agents. Yesterday alone, I was involved in four offers. Three were multiple offers. My three sellers were very happy that they sold, but my one buyer, who is on his fourth try, got disappointed again. These are good days for sellers but stressful for buyers, and a lot of those buyers do not want to sell their existing properties until they have bought. It seems to be a vicious cycle, which I expect will correct as the weather warms… and perhaps leads to an unusually active summer. But we will have to wait and see.
Title photo by Andy Burgess