Greater Toronto Realtors reported 9,989 residential sales through the Toronto MLS system in May 2019. The number of transactions in May jumped by 18.9% compared to 8,402 in May 2018.

For the region as a whole the semi-detached home type in the GTA experienced the largest sales increase in May at 27.9%.

The number of new listings reported in May 2019 was up by 0.8% compared to May 2018. The number of active listings reported in May 2019 was down by 4.3% compared to May 2018. Both statistics support tighter market conditions.

“After a sluggish start to 2019, 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 a diversity of sectors. However, sales activity continues to be below the longer-term norm, as potential home buyers come to terms with the OFSI mortgage stress test and the fact that listings continue to be constrained relative to sales”, said Gary Bhaura, TREB’s President.

The average price in May was up by 3.6% from the same time last year to $838,540. Condo apartments in the GTA led the way in terms of an average price increase at 4.9% compared to the same time last year.

“We are experiencing annual rates of price growth that are largely sustainable right now in the GTA- above the rate of inflation, but in the single digits. If, however, we continue to see growth in sales outstrip growth in new listings, price growth will accelerate. This potential outcome underpins call from TREB and other housing industry stakeholders to address roadblocks preventing a more sustainable and diverse supply of housing reaching the market. Many households are not comfortable listing their homes for sale because they feel that there are no housing options available to better meet their needs,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 0.2% in May 2019.  The average price of a 416 condo apartment increased by 6.6% in May 2019 from the same time last year to $642,891.

Condominium apartments accounted for 25.4% of total GTA sales in May while detached homes accounted for 46.5% of the total sales.

Other notable statistics include the average days on the market in the GTA for May at 19 days, down 1 day from a year earlier.  The sales-to-listings ratio for May 2019 was 49.9% which is still classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.  

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range 

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

Do you have any questions about Toronto Real Estate? Please contact me direct at 416-520-6746  or by email, David@DavidStoddard.ca

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