Despite a slight dip, it is still a tight sellers’ market, says the Toronto real estate board.
In the first sign of real estate relief since spring 2020, average home prices took a small month-over-month hit in March, bucking the usual upward spring price trajectory and falling by 2.6 per cent.
But with the average house or condo still selling for 18 per cent more than last March, it remains a tight sellers’ market, said the real estate board’s chief market analyst Jason Mercer. The average selling price this year to date of $1.3 million has already exceeded the real estate board’s 12 per cent annual forecast of $1.23 million this year.
“People need to constantly revisit the buy-versus-sell-first question and to make sure their expectations are realistic,” he wrote on Twitter. “So you were seeing terminations on the rise where one would list their property, have unrealistic expectations, go to their offer night and might not get the number they were looking for even though they probably had five to 10 offers,” said Greenspan.
“The proportion of sales attributed to condominium apartments was higher this year compared to last and condos generally sell at a lower price point. So that sort of change of mix also influences the average selling price,” said Mercer.
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