Mid-month numbers have been crunched and it's a mixed bag of news from the Toronto Real Estate Board, although one could argue that there's a positive spin to it.
In the GTA, compared to the first half of May 2007, the first half of this month saw a 12% decline in the number of sales. However, strong prices (average price is up 6% from the same last year) may fuel optimism that the 2nd quarter will be an improvement over Q1 '08. (A breakdown of the 416 and 905 shows similar percentage declines and increases.)
However, we're now seeing an 11% increase in listings and 35 days on market (up from last year's 28, and last month's 27 days on market).
A Call for Buyers. The increase in listings is being trumpeted as offering a higher quantity (and implicitly, higher quality) of listings; last year, buyers were "challenged" by limited selection.
Details here: GTA Resale Housing Market Moderate in May (Source: TREB)
Comments(0)