After a fiercely competitive start to 2014, Toronto’s real estate market is starting to show signs that things are cooling down slightly.
First, let’s take a look at the Toronto Real Estate Board’s statistics for March 2014.
Sales were up 4% in March compared to the same month last year, but you’ll see that sales levels are well below levels reached in 2011 and 2012.
The number of new listings coming on the market in March were up just 1% compared to last year. Year to date we’ve seen a 5% decline in the number of new listings coming on the market.
When we look at the decline in the number of new listings by house type for the first three months of 2014 we notice that new listings for semi-detached houses declined by 11%, the biggest decline among the five main house types. This helps explains why virtually all the properties we read about in the press that received 30+ offers and sold for 10-20% over asking were virtually all semis.