In January this year (specifically about the 3rd week), I noticed the housing market start to take a turn from what we have been witnessing for about 10 months already. At that time, the renewed interest and multiple offers were producing sold pricing in line with the home’s market value. However, since then, there has been an even further shift, with more aggressive bidding and an increased demand for housing.
Condo’s are also seeing lower inventory levels. However, it is important to note, the demand from buyers is more prominent for low-rise single family housing compared to that of condos. The average condo price has been approximately 730k since July of 2022, where the average price for a low-rise home in the GTA in July was around $1.3M, but in Feb 2023 average prices reached $1.325M and March 2023 reached $1.378M.
As always, supply and demand will ultimately determine how the story is written over the next several months. In my learned opinion, unless there is a dramatic surge in listings, the market will likely remain as competitive in the months ahead.