It's an inventory problem. We're at a record low in terms of houses up for sale.
data to back this up?
based on my own observations(and others)...all I see are FS signs every fucking where.
Just a few things from the article:
The market could have experienced even stronger sales growth if it were not constrained by a deficit of new listings, said Jason Mercer, TREB’s director of market analysis.
The number of new listings was down compared to the same period last year, meaning there were more buyers competing for fewer homes. The number of homes listed for sale in the first quarter fell to its lowest level for a first quarter in at least 12 years, according to an analysis by National Bank.
Toronto is a seller’s market, with sales-to-new-listing ratios hovering around 70 per cent — the highest ratio since the 2008-2009 recession, said Robert Kavcic, senior economist at BMO.
He doesn’t see this abating any time soon as strong job and population growth in the GTA will continue to drive demand, while few new detached homes are being built.
“This has been more of a sustained gradual increase in demand and no new supply coming on board, so this is probably going to persist longer than back in 2009.”
TREB is closely guarding the data but the court decision last week could see this data go public very soon.
What you're observing is probably just a pocket where one person sells and the neighbours (sheep) all want to cash in on their million dollar homes. Generally speaking, I'm seeing a lot less listings on MLS this year.
