Do you ever wonder when Toronto’s real estate market will cool down? Some buyers just wait patiently for a little relief but even with this Spring market upon us, it seems that there is a better chance that the Leafs will make the playoffs than a typical buyer paying less than the asking price.

Last week, yet again, we saw another jump in freehold listings in the central core. We know that active agents are working with multiple buyers so you would think that agents would breathe a collective sigh of relief as 9% more homes came on the market. Sadly that wasn’t the case as sales increased by a remarkable 65%. That in itself is worthy news but the real story here is that over 70% of those homes sold at or above the list price. This past week set an all-time new record in the Toronto real estate market.

We are feeling much more comfortable with the condominium market right now. While the number of suites coming on the market has fluctuated, listings have been trending down. This is only good news (and a sign of a more balanced market) when sales are trending up or, at the very least, not trending down at the same rate. Last week, listings fell by over 16% while sales declined by only 13%. For the second week in a row, the number of suites that sold at or above the list price remained at 25%. While the bulk of the sales activity continues to focus on the first time buyer category ($200k-$400k) there has been some movement in the upper middle end ($700k - $1.5m) possibly from frustrated home buyers.