The real estate market has experienced a significant shift recently, with several key updates that are crucial for both buyers and sellers to understand.

Firstly, the average home price has seen a notable increase, now standing at over $1,126,060, marking a 4.61% rise. Additionally, homes are spending an average of 20 days on the market before accepting an offer, indicating a relatively quick turnover time.

Notably, the total number of homes listed for sale has surged by 52.7%, highlighting a significant increase in inventory. Interestingly, Toronto’s average has only seen a 47.3% rise in comparison, suggesting varying market trends across different regions.

In terms of sales, the total number of homes sold last month on MLS was 615, indicating a healthy level of activity within the market.

Currently, the market is favoring sellers, with multiple offers becoming more common and many homes selling for over the asking price. This presents a pivotal moment for both sellers looking to capitalize on these conditions and buyers seeking to navigate a more competitive market.

Have these recent statistics impacted your real estate plans? If you’re curious to learn more about how these changes may affect you, feel free to send me a DM for a more in-depth discussion.