There were a reported 9,989 sales in Toronto last month which is an increase of 18.9% over the 15-year low experienced in May 2018. However, this result is still below the average that we have seen in the month of May over the past ten years, which is 10,300. This year-over-year uptick in sales does suggest though, that the share of likely home buyers in the GTA has edged upwards since the fall.
“After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward home ownership. Residents continue to see home ownership in the GTA as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across a diversity of sectors. However, sales activity does continue to be below the longer-term norm, as potential home buyers come to terms with the OSFI mortgage stress test and the fact that listings continue to be constrained relative to sales” said TREB’s President, Gary Bhaura.
The number of new listings was up only slightly compared to May 2018, increasing by 0.8 per cent to 19,386. Year-over-year growth in new listings was far outstripped by year-over-year growth in sales. This means that market conditions continued to tighten in favour of sellers. The average selling price for all home types combined was up by a similar 3.6 per cent to $838,540. Price growth was driven by the condominium apartment and townhouse market segments.
Here are more detailed results for the west end Toronto MLS districts and if you would like to compare them to last month, you can find them here.