It wouldn't have seemed possible if we hadn't seen it ourselves, but the April numbers are in: the spring 2015 Toronto real estate market is hotter than it's ever been before, with a double-digit year-over-year increase in sales. We've never seen a market quite this competitive.
Sales were up 11% in total for March 2015, with new listings up by exactly half, or 5.5%. Again, we see the law of supply and demand at work: homes are being purchased more quickly than they're coming onto the market, leading to fierce competition among buyers - especially for the hottest properties in the hottest neighbourhoods, where over a dozen offers are sometimes registered - and stratospheric prices.
Obviously, this is a boon for sellers; however, buyers can rest assured that, at least for the foreseeable future, their investment will only continue to grow. Unlike Calgary, whose softening market is caused largely by a drop in oil prices, Toronto's economy is not only strong but stable and diversified.
Another factor to remember about the current market is the incredible growth of the luxury segment. Sales of homes over $2 million were up by 45% in the first quarter of 2015 as compared with the first quarter of 2014; this major increase suggests to us that money is flowing into Toronto, not out of it. If you're thinking of listing your luxury home, now could be the best time.