Toronto Real Estate Home Prices Report- May 2017
Toronto Real Estate Home Prices Report For May 2017
[All statistics via Toronto Real Estate Board and Canadian Real Estate Association]
Sales dropped 20.3% in Toronto in the month of May 2017
May appeared to be a softer month for real estate in 2017. One month since the Provincial government announced the fair housing plan, sales were down by 20.3% compared to same period last year. Sales of detached homes were down by 26.3%. Sales of Condo apartments are down by 6.4%. We are starting to see a more balanced market.
Overall Price Growth Across All Major Home Types Up 24.5%
Home buyers benefited from a better supply market in May mainly in the low rise segment compared to the first 4 months of 2017. Selling prices continue to increase in May 2017 compared to one year ago.
Average Detached at $1,141,041 +15.6%
Average Semi-detached at $824,667 +22.9%
Average Townhomes at $656,392 +18.2%
Average Condo Town at
Average Condo Selling Price $531,659 +28.4%
Average GTA Selling Price $863,910 +14.9%
Average 416 Selling Price $899,728 +15%
Average 905 Sellingn Price $841,483 +14.5%
The above chart shows average price growth in all major sector, and average property price for 5 different housing types.
Market has been softer since the introduction of fair housing plan to help cool market and curb housing affordalibility
From my day to day trading activity, we are seeing fewer multiple offer scenarios, with more supply of listings on the market and selling activity shifting to a more balanced market.
Below source from CREA:
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