In Toronto real estate sales activity varies as the year progresses. Depending on the severity of each winter, sales in the early months tend to be slower. Usually supply of listings, particularly in freehold category, is the lowest in January. New listings start to trickle in in February, and, as the time passes and the weather improves, supply of available MLS listings increases and so does the activity.
For a number of years now we have experienced a sellers' market. As the supply of listings diminishes towards December and holiday period, a number of potential buyers are being left with very little, if any, to choose from. This has been especially true for detached single family houses in popular neighbourhoods of Toronto. That situation leads to a pent-up demand in the spring, with buyers competing for new listings, bidding wars, and homes often selling well above the listing price.
Toronto Real Estate Board provides now quarterly sales data, which is, I believe, a valuable tool for anyone planning to buy or sell a house in the near future. Below the video where TREB's Director Jason Mercer provides quarterly real estate market analysis for Toronto and the Greater Toronto Area you will find links to more detailed data for Riverdale, High Park and Swansea, The Beach, Midtown Toronto and North Toronto.
