There is rarely a day that goes by without being asked about the market. When I grab my daily coffee at Coffee Time or Starbucks in town (I change it up every day depending on how I'm feeling), I am quizzed on what's going on. So here's a quick update that looks promising if you're thinking of making a move.

1.  Sales are UP!

The Toronto Real Estate Board reported 10,350 firm sales in April 2012, which is nearly 1500 more homes than the 8,778 firm deals during April 2011.  The strongest sales growth was seen amongst the single-detached home market, with sales up by 22 % compared to a year ago.

2. Prices are UP!

Shockingly, the average price for April 2012 transactions was $517,556 – up 8.5 per cent
compared to April 2011. Comparatively, condominium apartment sales has more supply, and thus has only seen a moderate price growth of 4%.

3. Still a Sellers Market

What does this mean for sellers? Since demand has increased, and supply has not kept up, competition between buyers has increased. (The dreaded multiple offer frenzy for buyers is still upon us.) It follows then that the strongest annual price increase was also seen for single-detached homes.

4. Sitting it Out is a Dumb Idea

I have lost a few buyer clients because the thought that the market would collapse a few years back. They sold their homes and began to rent. They have spend thousands of dollars in rent, and their equity is earning close to no interest.  They are further behind at this point than staying in the market and living without fearing the timing of buying and selling.

I love my job...I actually love it so much it doesn't feel like a job at all! So next time you ask me "How's the Market?", upsize the coffee because we've got lots to discuss!