4 June 2018
Such results show that the housing market keeps cooling down following an extremely active previous year, when we saw bidding wars becoming a usual thing and prices were growing sharply.
BMO Capital Markets economist Benjamin Reitzes says it’s not a positive report, as the MLS Home Price Index fell by 5.4% from a year ago, while April showed a 5.2% decline.
However, there were some positive notes for home sellers. For instance, on a seasonally adjusted basis, the average home price rose by 1.1% from April.
Jason Mercer, TREB’s director of market analysis, added that market conditions are getting tighter in the GTA, so the prices will go up in the second half of this year and on to 2019.
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Summary of TREB MLS® Sales and Average Price |
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|
May 1 – 31, 2018 |
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|
2018 |
2017 |
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|
Sales |
Average Price |
New Listings |
Sales |
Average Price |
New Listings |
|
|
City of Toronto (“416”) |
3,092 |
861,970 |
6,306 |
3,886 |
899,980 |
8,433 |
|
Rest of GTA (“905”) |
4,742 |
768,381 |
12,716 |
6,180 |
838,361 |
17,331 |
|
GTA |
7,834 |
805,320 |
19,022 |
10,066 |
862,149 |
25,764 |
|
TREB MLS® Sales & Average Price By Home Type |
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|
May 1 – 31, 2018 |
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|
Sales |
Average Price |
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|
416 |
905 |
Total |
416 |
905 |
Total |
|
|
Detached |
782 |
2,562 |
3,344 |
1,426,094 |
929,401 |
1,045,553 |
|
Yr./Yr. % Change |
-30.4% |
-27.9% |
-28.5% |
-5.6% |
-9.0% |
-8.2% |
|
Semi-Detached |
242 |
405 |
647 |
1,067,128 |
665,628 |
815,803 |
|
Yr./Yr. % Change |
-30.1% |
-28.9% |
-29.4% |
0.3% |
-2.3% |
-1.2% |
|
Townhouse |
303 |
997 |
1,300 |
741,296 |
609,923 |
640,543 |
|
Yr./Yr. % Change |
-17.2% |
-12.2% |
-13.4% |
-0.1% |
-3.1% |
-2.5% |
|
Condo Apartment |
1,745 |
648 |
2,393 |
602,804 |
455,413 |
562,892 |
|
Yr./Yr. % Change |
-13.8% |
-19.9% |
-15.5% |
6.5% |
1.2% |
5.7% |