GTA Housing Sales Down 22.2% In May.

Tuesday Jun 05th, 2018

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Source: TREB. Better Dwelling.

Greater Toronto Average Sale Prices Decline Over 6%

TREB reported an average sale price of $805,320 in May, a 6.6% decline year over year. This is higher than the 12.37% seen the month before, but it is light years away from last year’s 14.9% gain. Not unlike median prices, average sale prices aren’t great for figuring out how much you’ll pay. They’re a better indication of dollar volume, upgrade flow, and who’s buying.

Greater Toronto Home Sales Fall Over 22%

Sales continued to slip for a second year in a row, but dropping by more this time around. TREB reported 7,834 sales in May 2018, a 22.2% decline year over year. The City of Toronto booked 3,092 of those sales, a decline of 21.24% year over year. The decline across TREB follows a 20% decline last year as well.

New Listings Are Down Over 26%, but Inventory Is Up Over 13%

The number of new listings declined across Greater Toronto, both across TREB and in the city. TREB reported 19,022 new listings in May 2018, a 26.37% decline year over year. The City of Toronto represented 6,306 of those listings, a 25.38% decline year over year. While that sounds like inventory is down, historic gaming of new listings has made this a pretty much useless indicator now.

The number of active listings, which are homes available for sale at month end, didn’t see that huge decline. TREB reported 20,919 active listings in May, a 13.21% decline compare to the same month last year. The City of Toronto represented 5,797 of those active listings, a decline of 0.54% year-over-year. The city is doing better the burbs with inventory, but it’s less than a point lower than last year. Last year around this time, TREB saw active listings leap higher.

 

Source: TREB. Better Dwelling.


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