I hope you are enjoying some nicer weather. The market is much of the same. Many lenders have come forward expressing some concern on the skyrocketing prices but with interest rates still low and the demand still there, house prices are soaring at a record pace.
A small glimpse from the March Market Report:
The change over year during a pandemic no less is absolutely unreal. The 905 Market is almost doubled in sales from the 416 Market and they seems to be no end in sight .
We are seeing record sale prices. The inventory is increasing in the Durham Region as well which has slowed the amount of multiple offers but they are still selling are record numbers.
The Toronto Regional Real Estate Board (TRREB) says the average selling price jumped 21.6 per cent in March, versus the same month last year, to $1,097,565. How long can this last? Your guess is now as good as mine. I don't even know how they can possibility correct this without causing some people financial ruin. It is like the train has left the station and it is full steam ahead.
Something eventually will happen to put the brakes to this - numerous theories but that is all they are... guesses. I have heard about Capital Gains Tax on your principal residence ( if valued over $1.4)... other things said we Capital Gains Tax is house was sold within a short period of time (ie. flip) even if your principal residence but these are all just speculations.
Something will eventually slow this down. Prices seems to be consistent. The odd one here and there are sold below asking and some we are seeing not getting any offers and they are relisting it $100,000 higher... all kinds of crazy things happening. Majority of offers are still firm with no conditions.
Sales set a record for the third straight month with 15,652 homes changing hands, which is nearly twice as many as March 2020 when COVID-19 was first declared a pandemic and home sales dropped dramatically. So clearly Covid isn't stopping the real estate market. You can't go for a hair cut but you can looking at houses. Who knew!!!
Now let me narrow it down for Durham Region - All Types - Average
Now for Detached Homes:
If you have any questions about buying or selling, I would be happy to assist you. Just call, text or email. Work with Realtors you have checked out. Google Them!!! I must say I appreciate all of your referrals and I feel blessed to have such great clients to work with both buying and selling. I appreciate all your questions... Follow me on Twitter @REWoman for daily updates and also know that my live chat on my website now, lets you send me direct messages so if you see anything and have a question, reach out. Together we can work to inform you with the details you need to make the best decisions.
Have a great week everyone and stay safe !!!