Welcome to the Real Estate Week for Tuesday, June 10th
The Toronto Real Estate Board released May sales numbers last Thursday. The numbers for May are at an all time record. Sales are up 11% from May of last year and downtown condo sales were up by 8%. While active listings on the Toronto Real Esatate Board are down by 9% from a year ago, the active downtown condo listings are up by 13% from May of 2013. So what does that tell you? House prices will continue to increase for the balance of the year and downtown condo prices will be flat. So why won’t they fall? Well, the sale to active listing ratio is now 27%, for new listings that number is 40%. That number indicates a balanced to slightly positive market for sellers. Power of sale listings, that’s people in mortgage arrears and who have to sell at any price, are almost non-existent downtown. That means for you buyers of condos you still need to be realistic with the offers you want to make.