Take a look at the New Listings vs. Sales charts As seen in the first chart, New Listings for June and July lag behind the last four previous years, however Sales are at their Highest point over the last 4 years.
David
(Charts courtesy of TREB)
NEW LISTINGS
SALES
This has caused seriously depleted inventory in many locations. A famous Toronto Realtor wrote in his newsletter that finding a decent full two bedroom condo in downtown Toronto below 400k is like looking for the holy grail. Looking for a 2800sqft home in Mississauga in a decent area for below 550k is on par. It is very much a Sellers Market.
However July - August are traditionally lower inventory months. As rumours of higher prices coupled with a normal increase in listings in September and October may bring the market back into balance.
David
(Charts courtesy of TREB)
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