The Toronto Real Estate Board just released the May numbers, and despite the exhaustive media reports about an overall 22.2% drop in sales and 6.6% drop in prices, compared to last year, there are certain segments of the west end market that are still flourishing, while others are holding their own! Here is a breakdown of the west end Toronto real estate market for May 2018. If you would like to compare last month's numbers, you can find them here.
What does this mean?
There has definitely been an overall drop in the number of sales, but prices in some areas have remained steady and are even showing a year-over-year increase. W01 in particular is doing very well, with increases in all categories, except for a minimal drop in price for detached homes. We are still seeing some bidding wars, generally for homes that show very well and are well located, and for homes that have been priced aggressively. Otherwise, homes are taking longer to sell and there seems to be reluctance and trepidation on the part of buyers. From a buying perspective, this is a good time to buy, as you will probably have more selection, more time and the possibility of negotiating off the list price. For further insights, or if you have any questions about the market, don't hesitate to get in touch. We are always available for your questions!