Greater Toronto Real Estate Market June 10, 2017 Update By Perrii Muthuraman
In May 2017, the total average sales drop was –20.3 per cent, year over year, TREB says.
In Toronto, the declines were:
- Detached: –26.1 per cent.
- Semi-detached: –14.1 per cent.
- Townhouse: –24.3 per cent.
- Condo: –4.3 per cent.
For the GTA, the drops were:
- Detached: –26.3 per cent.
- Semi-detached: –22.7 per cent.
- Townhouse: –18.1 per cent.
- Condo: –6.4 per cent.
Great news for buyers! No more bidding wars!!
Active listings – the number of properties available for sale at the end of May – were up by 42.9
per cent compared to the lowest level in 15 years recorded in May 2016. It is the third consecutive month that listings have increased, although May saw a significantly higher number of homes hitting the market. Again good news for buyers!
The average price of homes in the GTA dropped by more than $55,000 — from $919,614 to $863,910 — in May compared to the previous month. Cheer for home buyers!
All data indicate that sales and prices will continue to fall for at least two or three more months, in the GTA! And buyers are recognizing that there are more homes on the market and they don’t have to make a decision to buy in a few minutes or submit unconditional bully offers.
If you are planning to buy, it is your time and be on the lookout for your dream home or the next investment property. Take your time to decide and come with your conditions, when you submit your offer.
If you are planning to sell, hold on that thought, if you can. You may get hurt in this market. Timing is not favourable to sellers.
If you would like to discuss your unique situation, contact Perrrii at 416 473 6100 or email: firstname.lastname@example.org