Eric | Jun. 8, 2017
We saw 1,271 new listings in May – the first time in 2 years that we have seen more than a thousand new listings in one month. It seems that the spring market has people excited and expectations running high. I think some of the talk about implementing changes in Ontario to cool the housing market has Sellers nervous about missing the increases we’ve seen over the past 18 months – these Sellers are now all rushing to list. The thing about a market where prices are driving higher because of a supply shortage is that when the supply increases, the prices tend to pull back. That is where we are right now – in a bit of a lull. It started about 4 weeks ago when showings on listings started to drop off, offers on homes fell drastically and multiple offer bidding wars began to taper off. It is now the ideal time for Buyers to scoop up some deals. I fully expect things to swing back the other way in a few months when prices will start their march back up.
TOTAL SALES: April: 766 May: 816
Single detached home sales: April: 492 May: 493
Condominium sales: April: 161 May: 180
Semi detached home sales: April: 52 May: 64
Freehold townhome sales: April: 53 May: 70
AVERAGE PRICE: April: $512,656 May: $496,664
Single detached home average: April: $594,453 May: $594,047
Apartment Condominiums: April: $267,455 May: $293,158
Semi detached average: April: $415,709 May: $383,819
Townhome average price: April: $377,531 May: $361,198
The numbers above tell the story: Compared to April, May listings are up while prices are down.
There’s the numbers! If you are considering a move, connect with us today so we can discuss if this is the best time for you!