Housing sales in the Greater Toronto Area (GTA) were down 22.2% in May compared to a year earlier, according to the Toronto Real Estate Board (TREB).
TREB says that while the number of sales was down year-over-year to 7,834 units, the annual rate of decline was less than reported in February, March and April, when sales were down by more than 30% in each of those months compared to the same period of 2017.
On a month-over-month basis, seasonally adjusted May sales were basically flat compared to April. And the average selling price for all home types combined was down by 6.6% to $805,320. On a seasonally adjusted basis, the average selling price was up 1.1% compared to the previous month of April.
Jason Mercer, TREB's Director of Market Analysis, said in a news release that market conditions are becoming tighter in the GTA – which is Canada’s largest housing market – and this will provide support for home prices through the second half of 2018 and into 2019.
“There are emerging indicators pointing toward increased competition between buyers, which generally leads to stronger price growth,” said Mr. Mercer. “In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May.”
Meanwhile, the Real Estate Board of Greater Vancouver said that home sales in Metro Vancouver — the country's most expensive property market — fell more than 35% in May compared to a year ago.
