Toronto May Market Report: Steady Start of Summer

Toronto May Market Report: Steady Start of Summer

GTA Realtors reported 9,989 sales through TREB’s MLS® System in May 2019 which makes for an 18.9 per cent increase in the year-over-year comparison. Detached homes sales were up by amazing 25.1 per cent, semi-detached by 27.9 per cent and townhouses by 22.8 per cent. Condo sales were up by 6.4 per cent.

The average price is also on the rise. May average price was on the $838,540 mark, which counts for a 3.6 per cent increase. Detached homes increased by 1.1 per cent with the average price of $1,042,218 across GTA, semi-detached by 1.9 per cent. Townhouses sold for 3.2 per cent more than last year. The average price of condos was $590,876, which is a 4.9 per cent increase compared to the same period in 2018.

New and active listings didn’t do so good as the rest of the market. New listings were up by 0.8 per cent, which isn’t by far covering current sale rises. Active listings were down by 4.3 per cent.

Despite the rising sales, the market remains well balanced, with steady prices. Average days on the market for a home are currently at 19 days, which gives the buyers some time to breathe, look around and make the best possible decision with an offer. Hopefully, this new, easier market will continue through the year. 

Toronto May Market Report: Steady Start of Summer 2

Richard Silver, Sales Representative, SVP-Sales

Toronto May Market Report: Steady Start of Summer 3

The May TREB stats are out and they are positive for the Real Estate community but what does that mean for Joe Buyer or Joe Seller?

Of note is that even though there was a substantial increase in Sales from May 2019 over May 2018, that increase did not top the average number of May sales for the ten years previous to 2018. There also has been a small price increase year over year 2019 to 2018.

On the ground, we have noticed that sometimes a well-priced product does not fly off the shelf in the first few days and the sellers are often alone with the listing agent on “Offer Nights/Days”. Buyers are reticent to be the first to the table unless the product is underpriced purposely, however, when offers do come to the sellers and they are not substantially above asking, the unrealistically low price has to be adjusted to what the seller will accept.

What does this mean to Toronto market watchers? We are experiencing a BALANCED MARKET for the first time in 15 years. Will it hold and which way will we tip? Sellers have had control for 15 years and now it seems that Buyers may have the upper hand. Time will tell so stay tuned.

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