MARKET REPORT MAY, 2017
The latest market report with statistics as reported by the Toronto Real Estate Board.
As you probably have noticed, homes are not selling as quickly as they have been doing for the past several months. We seem to have transitioned into a more stabilized situation. This might be as a result of the Fair Housing Act which was passed recently by the Premier of Ontario. We have seen the multiple offers have decreased significantly, where homes are not selling above asking.
Homes are remaining on the market for longer periods of time giving buyers the opportunity to submit an offer without another competing offer. Although the number of sales have decreased slightly, the average sales prices have increased. The average time before selling has decreased significantly from one year ago, from 15 days to 10 days. As we progress into the summer months, we may see yet an additional lull in the sales, as this typically occurs during the months of July and August. The average sales prices were up slightly from last May to $760,645, an increase of 15.33%
- Number of sales were down from 1,321 in May, 2016 to 1,071 in May, 2017, a decrease of 18.93%
- Average sale prices were up from $653,861 last may to $760,645, an increase of 16.33%
- Average days on market were down from 15 days last May to 10 days, a decrease of 33.33%
- Average Selling Price to List Price increased slightly from 103% to 104% and increase of 0.97%
With the introduction of the Fair Housing Act, it seems to have stabilized to a more “normal” market, making it easier for Buyers.
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