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Spring market 2017 update

Spring is the most active time in real estate markets. This spring Toronto and GTA markets experienced an unexpected increase in listings. In April listings were up 33% compared to last year according to Toronto Real Estate Board statistics. Buyers started looking at more choices, hence it was taking longer for homes to sell. This May sales were down 20.3% compared to May 2016. Sales of detached homes were down 26.3%, meanwhile sales of condos were down only 6.4% year over year. Active listings were up 49.9% in May compared to last year.

Last month the introduction of new listings outpaced sales, and market conditions became more favourable for buyers. “However, even with the robust increase in active listings, inventory levels remain low. At the end of May, we had less than two months of inventory. This is why we continued to see very strong annual rates of price growth,” commented Toronto Real Estate Board President Larry Cerqua. Selling prices continued to grow and the average selling price for all homes combined for the TREB Market was up by 14.9% compared to same time last year.

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