Market conditions continue to favour sellers

Toronto’s housing has rebounded strongly in May 2019, with sales activity only marginally off from the month of May’s 10-year average. Prices on average are up 3.6%, which is much better than what you are seeing in the stock market.

In comparison to May 2018, with sales then at a 15-year low, sales activity is up a strong 18.9%.

This year is reminiscence of what Toronto real estate sales looked like ten plus years ago, when it seemed winters were much worse, and most home sellers waited until spring to list their homes for sale.

Yes, this winter (and spring) have not been super kind weather wise. More traditional at least winterwise, it’s not the only reason we see May and the early parts of June still tilted towards sellers.

Not enough property for sale! Are you getting tired of hearing this? I kind of am. There are qualified buyers out there anxious to secure a new home. But listing inventory continues to remain low, and we are not building enough new housing to meet the demand.

We all are aware of what happens with low supply, high demand and amazingly low interest rates. Higher prices will continue for now and unless our government either gets serious about correcting the supply issue or turns off the tap on immigration, look for more of the same ole same ole, sellers market conditions.

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