A fresh supply of listings has arrived on the Toronto-area real estate market in April, but aspiring buyers are not in the mood to rush.
But a swell in new listings after the Easter long weekend may point to a pickup in sales ahead as buyers absorb the new supply, she adds. According to Ms. Omran, the Canadian housing market is in balanced territory, but the trends vary by market. Sales increased in March in more than half of the 31 markets she tracks. At the same time there was a fairly even split between cities where listings increased and where they declined.
Mr. Maranger says homes between $1-million and $2-million are considered entry-level in Toronto, and buyers in that segment are willing to live with the relatively high level of interest rates at the moment.Properties in that bracket frequently have an attention-grabbing asking price and a deadline for submitting offers. Sellers often receive between two and five offers, says Mr. Maranger, compared with the 20 or 30 they may have fielded in years past.