Sales were down 20% for May compared to last year with 10,196 houses and condominiums changing hands in all the districts.
Condo townhouse and high-rise suites took a bigger 35% share of the market with 3,565 units being sold… just 120 fewer sales than in April.
The May average sale price for all GTA homes came in at $863,910 – a still significant but more moderate 14.8% higher than last year.
Because of higher prices for semi and detached houses, sales and competition for condo suites has now brought the high-rise market into extremely high demand.
The active listing inventory is one of the strongest indicators of how smooth or outrageous the market has been. We had a 7% decline in inventory for the month of May compared to historical numbers and up a big 43% from last year at this time.
The sales-to-listings OR percent-chance-of-selling ratio is how we determine what type of market we’re actually in. 24-28% is a neutral market, below 24% is a buyer’s market and above 28% is a seller’s market.
In May that ratio finished at 55.2% - compared to 99% last year and down dramatically from April’s 90%. We’re still in ‘very busy’ seller market territory however so sellers need to be aware that it’s not the craziness of previous months!
The days-on-market average for Toronto homes was just 11 days, 2 days slower than April.
Watch the video to get the complete May 2017 Market Report details.
Here's the complete text version of the May 2017 Toronto Real Estate Market Report to read.
Avoid Costly Mistakes When Getting Pre-Approved For A Mortgage
In today’s busy Toronto market, buyers often have to go in with either a firm, no conditions offer or occasionally with just a very short financing condition. Otherwise the seller will choose to accept someone else’s offer.
Once you sign that firm offer, you’re irrevocably committed to buying that home!
You can’t risk doing that without understanding how mortgage financing works and getting a FULL mortgage pre-approval ahead of time.
Reading the Toronto Home Buyer’s Financing Guide will give you clear, easy to understand guidance on how to approach the mortgage pre-approval process.