Toronto Real Estate Market Report - May 2016
Toronto Real Estate Market Report - May 2016 [All statistics via Toronto MLS Market Watch]
We are almost two thirds into the Spring market, and there are still many buyers looking to purchase a home in the coming months well into the summer market.
May 2016 is a new record for the month of May on record for home sales reported through TREB.
In contrast to the price growth, the number of listings were down by 6.4% compared to this time last year. Given there are no shortage of buyers and not enough listings in the marketplace across from low density to condominiums, this obviously is impacting the selling prices. As seen from the above chart, detached, semi-detached and townhomes experienced the strongest price growth. Price growth for the condo market segment also experienced increases well above the rate of inflation.
From Blue Elephant Realty's June Market Report summary, we can see the average sale price year-to-year percentage change to be 8.15%. The condominium market continues to take the lead for the highest volume of trade. Depending on your area, the average days on market to sell can vary.
I look forward to filling you in with the mid-year June market watch and subsequent trends in the real estate market.
If you would like a more comprehensive report based on your neighbourhood or building, please don't hesitate to get in touch to obtain a customized report through me.
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