On the ground, there is a frenzy of activity in downtown Toronto as homes receive multiple offers, spending less time on the market, said realtor Cailey Heaps, CEO of the Heaps Estrin Team. In Toronto, home resales jumped by 27 per cent month over month in April, rolling back roughly one-quarter of the correction in “one go.”Īccording to the Toronto Regional Real Estate Board, the average home price in Toronto rose to $1.15 million in April from $1.03 million in January (when prices likely bottomed out in Toronto) or almost a 10 per cent increase. A rise in supply would help unlock more of the pent-up demand that built over the past year,” he said. We suspect many have been waiting out the correction until conditions turned in their favour. “Rising prices could spur more sellers into action. New listings have significantly lagged behind resales, but if prices continue upward sellers might be more inclined to jump back into the market, Hogue said.
While activity is still running at 11 per cent less than just before the pandemic, that may not last for long if more sellers enter the market.
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