| Market Update

 

Spring Fever: Housing Sales See a Marked Increase


The second quarter of 2019 is looking sunnier than the first, according to the latest market report from the Toronto Real Estate Board (TREB).

REALTORS® reported 9,989 transactions through the MLS system last month, representing a considerable increase of 18.9% over the 15-year low reported in May 2018 and a 10.47% increase over sales reported in April.

While the year-over-year increase is encouraging, the TREB’s report also points out that last month’s sales were well below the May average for the last 10 years, which stands at about 10,300.

“Households continue to see ownership housing in the GTA as a quality long-term investment … however, sales activity continues to be below the longer-term norm, as potential home buyers come to terms with the OSFI mortgage stress test and the fact that listings continue to be constrained relative to sales,” says TREB president Garry Bhaura.

New listings and average selling price were also up in May. The average selling price grew by 3.6%, to $838,540.

Compared to May 2018, new listings increased by 0.8% to 19,386.

That year-over-year growth in sales far exceeded year-over-year growth in new listings signals that market conditions continue to favour sellers.

Consistent Condo’s Sales Dip – Is This the New Normal?


Both condo sales and prices saw year-over-over increases last month, according to the latest market report from the Toronto Real Estate Board (TREB).

The average condo price in May 2019 reached $590,8 76, a nearly 5% increase from May 2018.

The number of sales grew by 6.4% year-over-year, primarily due to activity in the 905 region.

While condo sales dipped by 0.2% in the 416 area, they increased by 24.3% in the 905.

Across all housing types, 9,989 transactions were reported through the MLS system last month, representing a considerable increase of 18.9% over the 15-year low reported in May 2018 and a 10.47% increase over sales reported in April.

Though the figures are positive, the TREB report cautions that last month’s sales were well below the May average for the last 10 years, which stands at about 10,300.

“Households continue to see ownership housing in the GTA as a quality long-term investment … however, sales activity continues to be below the longer term norm, as potential home buyers come to terms with the OSFI mortgage stress test and the fact that listings continue to be constrained relative to sales,” says TREB president Garry Bhaura.

How do these numbers affect you? Would you like to know what your home is worth in today’s market? Please contact us today at Hello@ChristineCowern.com or 416-291-7372.

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