Sales and new listings have gone up. From 5636 residential transactions last month, Feb saw over 9000 sales! Homeowners are reaping the benefits of the current market and buyers seem to have not been discouraged by rising prices as well. Days on market has reduced as well, (from 13 to <11) as a few listings sell within hours (yes, that's right!).
Average prices are seeing a strong upwards trend despite forecasts of a market cooldown. Detached homes are now almost $1.7 million in the GTA! According to this market report, buyer competition is still steady enough to support double-digit price growth year-over-year.
"Many households sped up their home purchase and entered into a transaction in 2021, which is one reason the number of sales were forecasted to be lower this year and a trending towards higher borrowing cost will have a moderating effect on home sales. Substantial immigration levels and a continued lack of supply, however, will have a countering effect to increasing mortgage costs."- TRREB President Kevin Crigger.
REAL ESTATE NEWS
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After nearly two years of record-low interest rates, economists and mortgage experts are expecting a rate hike as soon as March.