Spring Market Bringing 2021 Feels

The Toronto housing market is currently seeing a surge in activity, with multiple offers for listings becoming more common and prices on the rise. This can largely be attributed to the pent-up demand that has been building up over the past year, as buyers have been hesitant to make moves amidst the uncertainty of the pandemic, and the interest rates. However, with the Bank of Canada announcing the holding of interest rates, many buyers are feeling confident enough to get back in the game.

At the same time, inventory in the Toronto housing market remains extremely low, which is only serving to further drive up prices. This scarcity of homes for sale is leading to bidding wars once again, which can be frustrating for buyers but beneficial for sellers who are looking to get top dollar for their properties. Sounds familiar, doesn't it? Memories of 2021 and early 2022 come flooding to mind.

One factor that is is different from the booming days in 2021 is the fact that many investors are fleeing the stock market in search of more secure returns. This often means turning to the housing market, which is seen as a safe bet for many. Additionally, with the rental market in Toronto becoming increasingly competitive, many people are turning to buying instead of renting, further driving up demand for homes, however those without a hefty down payment are forced to deal with the struggles of both.

Looking ahead, it is unclear if this trend will continue into the summer, or if the Bank of Canada will decide to increase interest rates once again. However, with immigration continuing to bring new residents to the city and no signs of increased inventory on the horizon, it is likely that the Toronto housing market will remain strong for the foreseeable future. For buyers, this means being prepared to act quickly and make competitive offers, while sellers can take advantage of the current market conditions to get top dollar for their homes.