Toronto Market Report for May 2017
The May 2017 showed an increased in average sale price year over year of 14.9% with the number of new listings increasing to 25,837 from last May’s 17,356. The number of properties sold however were down to 10,196 from 12,790 Many 2016 with an average of 11 days on Market.
We are beginning to see signs of weakening outside the city core in the 905 area. Central Toronto remains strong and properties well located and turn key continue to attract multiple offers. I have lost out to multiple offers acting for clients this past month. Buyers however are a little more cautious and many properties seem to be going past their offer dates. Realtors are now pricing homes at a price the seller would be willing to accept rather than risking not getting the number a seller expects on offer date.
The foreign buyer tax coupled with the Home Capital news has had an effect on curbing the market. Please know I have currently have several qualified buyers for premium properties in Rosedale, Summerhill, Trinity Bellwoods, Annex. Do not hesitate to contact me if you would like a discreet sale or if you would like to discuss the value of your home I would be happy to provide you with a Current Market Valuation.
For a full commentary on the May Toronto Real Estate Report please click this link Toronto Real Estate Market Update May 2017