Photo: James Bombales
While GTA home sales have been inching up month-over-month over the first quarter of 2018, they’ve still been well below where they were during the red hot spring of 2017. And so far at least, that’s a trend that looks like it will continue in April.
Sales were up 14 per cent month-over-month during the first two weeks of April, but down between 37 to 52 per cent year-over-year, according to a new Zoocasa report.
“The first two weeks of April 2017 were the absolute peak of the GTA real estate market, so this was destined to be the weakest two week year-over-year comparison,” writes Zoocasa CEO Lauren Haw, in a statement. “The month-over-month figures are also not surprising, as sales growth depends on the strength of the market in March, weather and when the Easter/Passover holidays fall.”
According to Haw, April’s unseasonably cold weather could be part of the reason for the dramatic year-over-year numbers.
“The weather patterns seen so far this month have absolutely affected activity,” she writes. “Buyers are feeling apathetic to go out and see properties and sellers are apathetic to list during a winter storm in what should be the spring market.”
So when can industry watchers expect to see a surge in activity? Later in the year, towards the warmer summer months, says Haw.
“I expect to see a surge in listings, and sales activity, when the sun decides to come out,” she writes. “We will also likely see a very busy July, with a catch-up of spring sales occurring.”
Check out this chart for a further breakdown of the mid-month GTA sales numbers.
