Michael Babad – The Globe and Mail

Toronto market surges

It now takes an average of just 20 days to sell a home in Toronto.

Comment: I am surprised it takes that long. I rarely see a listing that is older than a week.

Or, as economist Robert Kavcic sees it, you “put up a sign and your house is sold.”

Comment: Yup. Light it on fire and it will still sell with multiple offers.

The Bank of Montreal economist was commenting in a research note on the latest numbers from the Toronto and Calgary markets, which are taking different paths in the wake of the oil price plunge.

The average time in Toronto is down from an “already-low” 21 days a year ago, while the timespan in Calgary, the heart of Canada’s oil industry, has climbed to almost 40 days from 28.

As The Globe and Mail’s Tamsin McMahon reports, the quest for detached homes is driving the Toronto market.

The latest Toronto stats show average prices jumped 10% in March from a year earlier, as the cost of detached houses climbed about 16% to well over $1-million.

Sales jumped 11% from a year earlier, and new listings rose 5.5%.

“Part of the massive jump reflects a shift in the sale mix toward higher-priced homes, but the underlying strength of the detached market remains very real,” Mr. Kavcic said of prices, noting those of condos rose at a much slower pace.

“In other words, while Toronto simply can’t get enough detached homes on the market (put up a sign and your house is sold), liquidity in Calgary has effectively dried up,” he added.

Comment: I bet the average sale time for a house in the $400-900,000 range is more like 10 days or less.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto real estate agent with Century 21 Regal Realty.
He did not write these articles, he just reproduces them here for people who
are interested in Toronto real estate. He does not work for any builders.
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