Actively working in the market wth Buyer clients everyday has me understanding just how real the inventory shortage is. Since March we have seen the average home price trending up month to month. This is strictly due to the fact that there are more active buyers out there than Sellers in Toronto. Simple economics, more demand than supply.
This is likely the trend we will continue to see as this imbalance will only improve with an influx of listings from Sellers. As we head into the summer months, it is less likely we will see this increase happen, as real estate activity in the summer months typically slows for the season. With the next looming interest rate hike expected for July, we may potentially see Sellers that are sitting on the sidelines, set their eyes on a typically more active Fall market.