Market Update!

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.

Please Explain!

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?

Wrong.

Here’s what inventory looked like in February vs March.

Months of inventory:

Toronto

Feb: 0.86

Mar: 1.01

York

Feb: 0.97

Mar 1.22

Peel

Feb: 0.63

Mar 0.94