Buyers are starting to become weary of the multiple offer process on the properties they are trying to buy. So much so that a number of seller's who have attempted to obtain multiple bids have been unsuccessful. In those circumstances many seller's have had to increase their asking price and wait for the right offer to surface. Suggesting a tendency towards a more balanced market. And as a result, some homes are receiving less traffic. The April lockdown will not ease their predicament either.
We are still seeing a lot of migration from the GTA to smaller cities and rural locations mostly within an hour of Metropolitan Toronto. More house and land for often 1/2 the price seems to be the recipe many families are after.
Still March was active matching January's average detached 2-storey selling price of over $2,000,000, and up 4% from February's $1,946,500 average cost. Sales volumes more that doubled year over year and the average time it took to sell was less than 2 weeks.
The rental market was also very active with 181 transactions ranging in price from $1750/mth for a small condo apt to over $15,000/mth for an executive home.
Everyone wants to know how long this trend will continue and of course nobody knows for sure, but some experts believe the price growth this year may reach approximately 8% with another 4% in 2022.
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