The Toronto real estate market is now in full swing, following the first quarter of this year which was a little slower than usual. After the March break there has been a lot of new inventory hitting the market which hopefully will help churn through this heightened demand. Properties in Central Toronto are still selling at a steady clip, often for a lot more than the asking price. We are still very much in a Sellers’ market, at least downtown.
It doesn’t get any better with duplexes, triplexes or multi-unit buildings. Since these properties have an investment component, I would say that they are just as desirable as single-family stock. The vacancy rate is at an all-time low and the condo market is booming still as well. This all makes for a hot market where it can be quite challenging to buy. I don’t expect anything to change in the short-term as it seems like interest rates are likely to hold for the duration of the year.
I hope everyone has a Happy Easter. If you are sports fan, we’ve got hockey playoffs starting this month, the Jays are back on the field, Champions soccer, the masters are around the corner and it’s Wrestlemania this weekend. So lots of fun to be had by all.