The gardens are lush in Toronto, but real estate listings do not appear to be flourishing. That seems to be what agents are complaining about these days. Residential sales volume last month fell 21% in the City of Toronto, compared with May 2017. The decline in listings is helping keep prices stable despite weak sales. The average house price is still on the rise, but we saw a very small dip last month. Indications are emerging that there is increasing competition and bidding wars for available homes, which generally leads to a price increase. If you were thinking of buying in January and are still looking you will have to pay $100,000 more now!
2018 AVERAGE SALE PRICE FOR CITY OF TORONTO
January: $766,616 February: $806,494 March: $817,642 April: $865,817 May: $861,970
The freehold market last week saw a 36% dip in new listings compared to the week before, but the number of sold properties was up by a whopping 52%, and of those, 60% sold at or over the asking price. The east end of Toronto again defies us all with 80% of sold properties selling in bidding wars.
The condo market is exhibiting some very “freehold like” characteristics as well. There were 17% fewer listings last week on the market but we were excited to see a 37% spike in sales week over week. Of those recorded sales, nearly 58% sold at or above the list price. Increasing demand continues to push condo values higher with the average condo price at $602,804, up 6.5% from May 2017.