15 May REAL ESTATE MARKET UPDATE: MAY EDITION
The Toronto Real Estate Board has released April numbers and they are looking pretty good. The number of residential home sales increased by almost 17% to 9,042 compared to 7,744 in April 2018.
New inventory was also up from last year by almost 8%, however, it was significantly lower than that of actual sales. Demand is beginning to outpace supply which in turn could increase housing prices.
The first 3 months of the year were pretty flat with April numbers now beginning to show life in the market. The MLS HPI Composite benchmark was up by 3.2% – the highest rate of growth in almost a year. Selling prices are up almost 1.9% in April – the strongest it has been this year.
Here’s the catch; While the number of sales is up from last year, the average price for detached houses dipped year-over-year, specifically in regions just outside Toronto. We can thank the OSFI stress test for that as buyers have to qualify for a mortgage at 5.34% even if their posted rate says 3%.
For more information or questions as the market changes pertain to your home, feel free to call and speak to us.
To view the full report, click on the link below.