Some homes in hot pocket communities continue to sell over asking but overall the market has returned to a relatively stable market with sufficient supply to meet the demand.
“The GTA’s detached housing market has clearly stabilized after a rocky 12-month period,” says Christopher Alexander, Executive Vice President and Regional Director of RE/MAX INTEGRA, Ontario-Atlantic Region. “The frenzied home-buying activity of 2016/2017 is behind us. The new normal for Toronto and the surrounding communities is a relatively balanced housing market, with supply meeting demand. Given current economic fundamentals, we expect continued upward pressure on detached housing values throughout the remainder of the year.”
The RE/MAX Hot Pocket Report found the limited supply of detached homes offered for sale in the 416 area contributed to a decline in days on market in hot pocket neighbourhoods in Toronto proper.