REAL ESTATE SALES NUMBERS DO LIE

Sales numbers for March on the Toronto Real Estate Board are down 22% compared to March of last year. Condo sales are also down by 18%. And based on sales only, the Media has decided that the market has turned decidedly downwards.

The trouble is that the Media does not have all the facts. Now I don’t pretend to be an expert on all real estate markets because real estate is not one big market but a series of local markets – see previous blogs on this comment. We do have the facts and the statistics about the Downtown Condo Market to know more about what is going on than the Media!

The weather for March was certainly a factor but the Media has dismissed that. However the real facts are these: we have a shortage of listings! The sale-to-listing ratio is at 50% Downtown and at 40% on the Etobicoke Waterfront. A normal market is between 25 and 35%. Days-on-market has dropped to 23 days from a normal of 45 days. The Media does not have access to these facts and has even more trouble in the interpretation. Multiple Offers are still common place. Instead of asking the so-called Experts, why doesn’t the Media just ask Buyers trying to find a condo how frustrating the search can be!

This past week the weather was better – above zero all week. And guess what, we booked over 800 confirmed appointments on our listings! This is an ALL TIME record for our Company.

You tell me – is this a start of a market turn down or is the Spring Market about one month late in kicking off?

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