Toronto Real Estate Stats March 2014 Infographics
The stats are in for March 2014 and again the Toronto Real Estate Market kept climbing. In some cases unit sales volume was lower (semis/row houses and condos) than last year (probably due to the terrible weather in Toronto), but prices remain strong and increased from March 2013 across the board.
Although we thought the spring weather would never come (we’ll probably skip it and go into summer) the spring real estate market has been here for a while. The demand is there, but the supply has been lacking so far in 2014 causing a feeding frenzy for buyers to scoop up the good stuff on market pushing prices higher.
Unfortunately on some properties there have been false hopes for buyers because of under pricing and a hellish amount of offers on certain listings.
From a buyers perspective, your agent really needs to educate you on where the market value stands for a property. Your budget may be $700,000 and then there’s a great listing at $650,000. Seems affordable right? Not in most cases in this market. It could be under priced and worth more like $750,000 pushing you right out of the running. So be wary of these types of properties and pricing, no sense in getting into a bidding war when you have no chance of winning it.
From a sellers perspective, it’s not how many offers you get, it’s what the property sells for that matters most. Extreme under pricing will not sell your property for more than what it is worth. Buyers determine market value in the end. There’s no point in getting 30 offers when 25 of them are crap and nowhere close to market value. This has been happening all over the city and can be very frustrating for everyone involved. Typically there will be two or three offers that are close and you would use them to bid against each other. The rest will be disregarded never to be heard from again. Sellers do yourselves a favour, price your property appropriately and don’t waste non-qualified buyers time and efforts. It will make for a better experience for all and you will still get your moola in the end.
While the weather is getting better I expect an influx of listings to hit the market in April and May even June which may calm down some bidding wars. I already see it happening. On my street, Northcote Avenue, I was surprised to see a 3 bedroom, 3 bathroom house sell for list price! Yes list price. It was priced appropriately and produced the desired result. Case closed.
The future is still bright for Toronto Real Estate, but hopefully with more listings on the market it will slow prices down a little bit.
Take a review of these sweet infographics breaking down the Toronto Real Estate Stats for March 2014.
Detached Houses
Toronto Real Estate Stats March 2014 Infographics
Semi/Row Houses
Toronto Real Estate Stats March 2014 Infographics
Condos
Toronto Real Estate Stats March 2014 Infographics
If you have any questions or would like to chat real estate I’m always open to a conversation. I can be reached by text/call at 647 244 3931 and david@davidspeedie.com.
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