Central Toronto by JDB
The Central Toronto Real Estate Market's activity is still gaining momentum during the spring months. Increased market activity is nothing unusual for this time of the year; however, this year's market situation is unique in a few ways. A shortage of listings was one of the market's most prominent characteristics. Although there have been a lot of buyers and strong demand, many sellers were unable to meet their criteria.
Despite the supply-demand inequity, the market hasn't turned into a full seller's market, probably because of the threat of rising interest rates. Listing inventories have begun to grow to unusually high levels. Many buyers have been waiting for the right properties to meet their needs and requirements, boosting the competition for well-priced properties, while sellers with over-priced properties have been naturally quite unsuccessful. The importance of pricing strategy remains a crucial element in the successful sale of properties in the Central Toronto market.
According to TD Economics, the Bank of Canada probably doesn't intend to continue with interest rate increases in the near future. Though the rise of the Canadian dollar and the impact of inflationary costs are being observed closely, TD Economics predicts the next round of interest rate hikes to come in July.
The prognosis for a solid spring market is good. Interest rates are still historically low, Toronto is still a destination city for immigrants and investors, and house prices are generally well situated.