We are currently in the heat of the busiest time of year for Residential Real Estate Sales and the market continues to react to the overall buyer demand. The number of available homes for sale has crested over 20,000, which is exciting to see. Our buyers need choice and they have reacted, with the total number of sales up almost 20% over last May. One of the key drivers of this is interest rates. Rates have come off their highs of over 3.5% to rates now around 3%. Another key indicator we watch is the months of inventory, currently there are only two months worth of homes for sale in the GTA, putting us in a strong sellers market. Things usually tip towards a buyers market when there are four to six months of inventory.
The Condo Market has continued to grow with prices and volume of transactions up 6 and 5 percent respectively. Condominiums continue to play an important role in our market due to affordability and allowing first time buyers and investors the benefits of home ownership. As an organization, Royal LePage Signature has Platinum/front of the line access to many condominium developments and projects across the GTA, if you have any interest in investing in real estate please don’t hesitate to reach out to me.
Please never hesitate to reach out to me with any of your real estate questions.
Karen
