Ok, what is happening the last few days!!
The media is confusing buyers & sellers on the new homebuyer tax!
Here is a simple explanation to all the confused friends who called me over the last few days.
A balanced real estate market usually has about 3-4 months of inventory at this time. This
reduces the bidding wars and brings more supply & options to the buyers.
Over the past 6 months, we have been struggling with inventory levels. We had around 5 weeks of inventory, max. What does this mean? This means, that if we don’t list any properties for 5 weeks, and sell at the same pace, we will run out of homes.
How's the Market?
Now there has been a lot of talk about the great slow down in Toronto Real Estate over the last few weeks. Surely inventory must have hit 5 or 6 months of supply right?
Here’s what inventory looked like in February vs March.
Months of inventory: