Toronto and Etobicoke Real Estate Home Sales for May 2018

Looking for current information on Toronto and Etobicoke Real Estate Home Sales for May 2018? Here are the Toronto and Etobicoke Real Estate Homes Sales for May 2018.

GTA REALTORS® Release May Stats

Greater Toronto Area REALTORS® reported 7,834 sales through TREB’s MLS® System in May 2018. This result was down by 22.2 per cent compared to May 2017. While the number of sales was down year-over-year, the annual rate of decline was less than reported in February, March and April, when sales were down by more than 30 per cent. On a month-over-month basis, seasonally adjusted May sales were basically flat compared to April.

Supply of homes available for sale continued to be an issue. New listings were down by 26.2 per cent. The fact that new listings were down by more than sales in comparison to last year means that competition increased between buyers. Recent polling conducted by Ipsos for TREB suggests that listing intentions are down markedly since the fall.

“Home ownership remains a sound long-term investment. Unfortunately, many home buyers are still finding it difficult to find a home that meets their needs. In a recent Canadian Centre for Economic Analysis study undertaken for the Toronto Real Estate Board, it was found that many people are over-housed in Ontario, with over five million extra bedrooms. These people don’t list their homes for sale, because they feel there are no alternative housing types for them to move into. Policy makers need to focus more on the ‘missing middle’ – home types that bridge the gap between detached houses and condominium apartments,” said Mr. Syrianos.

The MLS® Home Price Index (HPI) Composite Benchmark was down by 5.4 per cent year-over year. The average selling price for all home types combined was down by 6.6 per cent to $805,320. On a seasonally adjusted basis, the average selling price was up by 1.1 per cent compared to April 2018.

“Market conditions are becoming tighter in the Greater Toronto Area and this will provide support for home prices as we move through the second half of 2018 and into 2019. There are emerging indicators pointing toward increased competition between buyers, which generally leads to stronger price growth. In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May,” said Jason Mercer, TREB’s Director of Market Analysis.

But that is only a snapshot of what happened in the GTA. If you are looking for Etobicoke Real Estate Home Sale stats for your local area, I have you covered.

Here is a snapshot of homes sold in the month of May for Etobicoke:

ETOBICOKE REAL ESTATE MARKET WATCH

How did your Etobicoke market do? Do you have questions about your Etobicoke home and wonder where it falls within theses stats?

For more detailed information on your Etobicoke neighbourhood or more specifically on your own home. I invite you to give me a call at 416-762-8255 or e-mail me today

PART OF MY JOB AS YOUR REALTOR® IS TO PROVIDE YOU WITH UP TO DATE LOCAL MARKET STATISTICS. THIS WAY  YOU ARE KEPT IN THE KNOW ABOUT YOUR HOME’S WORTH.

THIS INFORMATION IS CRITICAL FOR MAKING A DECISION IF YOU ARE THINKING ABOUT WHETHER NOW IS A GOOD TIME TO SELL, BUY  OR JUST ENJOY YOUR HOME FOR MANY YEARS TO COME!