Market Watch - May 2019

May 2019 Market Watch

Data from the Toronto Real Estate Board reported 9,989 homes sold in May.  This resulted in a substantial increase of 18.9% over the 15-year low in May 2018.  This is still below the average for the month of May sales for the previous 10 years.    

Population growth from immigration remains strong and jobs are being created in the region.  However, sales activity continues to be below the longer-term mostly due to the mortgage stress test.  New listings in May were up to 19,386 (0.8%) compared to May 2018.   

The average price for May was up by 3.6% to $838,540.  Price growth was driven by the condo apartment and townhouse market segments.      

In this video, Jason Mercer, Director of Market Analysis at TREB, discusses the Market Watch Report for May 2019.   https://youtu.be/MimS5xgu60E   https://www.youtube.com/TREBChannel

For more information on your area or for a free estimate of your property, please contact Otilia at 905.399.1154 or otilia@otilia.ca.

Source:  Toronto Real Estate Board -http://communications3.torontomls.net/statistics/mwatch/2019/05/mw1905.pdf