Few sectors are more thoroughly framed by data, analytics, statistics, and opinions, than residential real estate. Over the past several months, as buyer demand and prices have soared — especially in the Greater Toronto Area — these figures have been flying fast and furious.
Given the record sales prices, volumes, and expectations that have characterized 2021, it would be easy to conclude that real estate agents and brokers are revelling in a market where the average home in the GTA is on the market for just 10 days, and the average sale is 116% over listing price. The reality, however, is quite the opposite.
It’s not that the numbers are lying, but they do present a very one-dimensional picture of this moment in the residential real estate business. And contrary to what you might assume, most real estate professionals heaved a small sigh of relief when April’s market data showed signs of moderation from the incendiary March levels.