Spring has officially arrived  even if the weather outside hasn’t quite caught up yet.

April’s market statistics suggest the spring real estate market is now underway, with the number of homes sold in many of the areas I track nearly doubling compared to March. The encouraging news is that buyers are returning to the market. The less encouraging news is that higher priced homes continue to face challenges unless they are priced aggressively.

Of the 157 detached homes that sold in April, only four sold for over $1 million.

While sales activity has increased significantly, average home prices declined across nearly every market I follow, with Springwater and Essa being the exceptions.

At this point, I don’t anticipate any immediate movement in interest rates, nor do I see much political stability on the horizon that would provide Canadians with greater economic confidence. Ongoing global tensions, including the conflict involving Iran, continue to impact everyday costs, particularly at the gas pumps.

There are still some choppy waters ahead for the economy, in my opinion.

That said, every market creates challenges for some and opportunities for others. For first time home buyers, today’s market offers more possibilities and negotiating power than we’ve seen in some time. For homeowners looking to upsize while remaining in the same market, there are opportunities there as well.

Barrie
Homes Sold. 157
Average Sale Price. 703,341
Average Days on Market. 33
Percentage of Asking Price. 97%

Innisfil
Homes Sold. 66
Average Sale Price. 753,963
Average Days on Market. 31
Percentage of Asking Price. 98%

Orillia
 Homes Sold. 40
Average Sale Price. 596,255
Average Days on Market. 35
Percentage of Asking Price. 97%
 
Oro-Medonte
 Homes Sold. 27
Average Sale Price: 879,296
Average Days on Market. 36
Percentage of Asking Price. 96%
 
Springwater
 Homes Sold. 21
Average Sale Price. 1,062,762
Average Days on Market. 40
Percentage of Asking Price. 97%
 
Essa
 Homes Sold. 43
Average Sale Price. 829,105
Average Days on Market. 43
Percentage of Asking Price. 97%

*All stats are based on listings sold with the Toronto Regional Real Estate Board

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