Hot Spring Housing Market in Toronto

The spring market in Toronto and the GTA has been a robust one and with interest rate so low this trend will continue for awhile yet.

May 2011 sales and price is the second highest in record compared to the peak of 2007, this is all due to relatively low inventory as new listings are down by 15% when compared with last year. The average days on market is now only 23 days.

Home sales are up 6% and prices are up 9%, the average price for a home in Toronto is now $485,520.

With healthy sales and price increases in the spring housing market, CMHC is revising their previous gloomy outlook from a 0.3% drop in price to a more rosy view of 4.3% price increases.

So, if you are thinking of selling this is clearly a sellers market and now is a good time to take advantage of low listings availabilty and lots buyers looking for their home.