TREB releases February numbers and

Today the Toronto Real Estate Board released its sales figures for the month of February and as I’ve written about over these past six weeks, it’s been busy. And this month is no exception.

Prices are edging up for both houses and condominiums where demand continues to be strong throughout the city.

Inventory levels continue to drop and this is what’s helping push prices slightly up. I’ve been in multiple offers in many neighbourhoods across the city, and the demand is strong for Toronto real estate.

Last night we were unsuccessful on a bid for ahome that was listed at $1.8 million, had seven offers on it and was sold for $2.225 million. Yes that’s a staggering $425,000 above the list price!

It seems the stress test rules put in place have constrained the market in many ways, and some that were unintended. Renewals for mortgage financing is making it more difficult to move for some, and that’s all we need in a city that’s already short in supply.

With many of the properties I’ve been involved with of late, it’s not uncommon to have anywhere from 6-12 offers competing. Imagine if we had more available listings? Sales would be up. Prices might even moderate as we’ve all been hoping for.

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