WONDERFUL NEWS!! May market stats are out!
The Greater Toronto Area REALTORS reported 9,989 transactions through TREB's MLS® System in May 2019.
While this result represented a substantial increase of 18.9 % over the 15-year low in May 2018,
it should be noted that the result was still below the average
for month of May sales for the previous ten years, which stands at almost 10,300.
The year-over-year uptick in sales experienced so far in the second quarter of 2019
reflects spring polling results from Ipsos (undertaken on behalf of TREB)
suggesting that the share of likely home buyers in the Greater Toronto Area
has edged upwards since the fall.
The second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing.
Households continue to see ownership housing 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 diversity of sectors.
However, sales activity continues to be below the longerterm 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
The number of new listings entered into TREB's MLS System in May 2019 was up only slightly compared to May 2018, increasing by 0.8 % 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 MLS Home Price Index (HPI) Composite benchmark price was up by 3.1% on a year-over-basis.
The average selling price for all home types combined was up by a similar 3.6 % to $838,540.
Price growth was driven by the condominium apartment and townhouse market segments.
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