Hold on tight folks, the ride is about to speed up. We’ve been here before—the start of the wild ride that’s the GTA housing market.

Listings have not kept pace with demand from Buyers. Our market is heating up. In May we saw: prices go up, average days on the market go down & the average sold price to listing price go up as well. This is the trifecta, all the indicators are moving towards a more heated market.

The most telling fact is that we’re currently sitting at only one month’s supply in most markets. Some areas are even dipping below one month! A balanced market is between 2-4 months supply, with 3 months being ideal. This low supply will keep the pressure on.

On the street, we’re seeing many homes selling in the first week of listing. Homes that look great and are staged well are seeing multiple offers. Buyers need to be ready to move quickly when the right home shows up.

The overall stats can be a little confusing as we’re comparing them to May of 2022. If you remember, last year at this time we were in the middle of a market shift. Sales are up 24.7% from last year and new listings are down 18.7% during the same period. I wouldn’t put too much weight into those numbers. I’d suggest looking at how we show the data. Our month-to-month picture quite clearly shows you the trend. We’re on our way back up.

If you’re unsure about how this market affects you and your family, reach out. I’d be happy to set up a call and go over any questions that you have. A little bit of planning can go a long way to helping you reach your housing goals.

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