Toronto Real Estate Board just released the May 2017 numbers. The May unit sales saw a decline by 20.3% compared to May of last year but prices are up 14.9% for the same period.
Let’s take a look at this a bit more closely:
- The Number of sales in 2016 from January to May were 47,288 units sold
- The number of sales in 2017 from January to May were 46,940 homes sold
That’s ONLY 348 homes less for the same period last year which is really just less than 1%.
Government intervention spooking people off, summer weather approaching, Home Capital lending issues … have all hand-in-hand contributed to this decline in the number of units sold.
Is the sky falling? Nope, not all. New listings were up by 48.9% in May compared to last year. This is great news for Buyers. Lots of choices and no multiple offers.
As of today we have just under 2 months of inventory, meaning it would take 2 months for all the houses on the market to sell. A market with less than 4 months of inventory is still a Seller’s Market.
If you are looking to buy, now is a great time. You will need proper representation to make an informed decision.
Contact me, let’s talk real estate.