Toronto Real Estate Board members reported 7,187 residential sales through TREB’s MLS
System in March 2019, almost the same amount as the 7,188 sales reported in March 2018.
While the number of sales remain the same, the number of new listings, homes available for
sale, was down by 5.1 % year-over-year. This lack of inventory has created a shortage of homes
available for sale, resulting in multiple offers and a price increase of an average of 5% since
January of this year.
Unquestionably, there seems to be a concern about the marketplace and for the life of me I
cannot fathom why. Interest rates remain low and with the lowering of the Bank of Canada yield
rates, may drop further. Immigration and foreign investment continues as does the strong
economy. New condominium towers continue to be completed and many new starts are under
construction, but immigration and demand continues to swallow up available units. The vacancy
rent is still at 0%, resulting in increased rental rates. A modest 500 sq. ft. downtown condominium
unit now rents for $2200 - $2400 per month, with parking spaces renting for $125-$250 per
I truly believed the market is poised to take off again, with only the stress test holding back buyers
who want to buy more expensive properties. New construction towers represent great rental and
investment opportunities, and should be considered.
If you are thinking about upgrading your home or buying an investment property, or know of a
friend who is, give me a call. Prices in 2019 are already up 5%. Fortune favours the bold. You
don’t have to buy, but at least let’s talk. Let me put my experience and expertise to work for you.
Have a great month
Your Friend In Real estate.
Sam Wadhwa Broker Of Record
Neelam Wadhwa Sales Representative