Sales in the Greater Toronto Area moderated for a second straight month in May, indicating that a semblance of normalcy is beginning to return to the housing market. However, it could be short-lived.
There were 11,951 sales in the GTA last month, according to the latest data from the Toronto Regional Real Estate Board (TRREB), down from 13,650 in April and 15,646 in March, when activity peaked. The number of transactions last month was shy of the May record, which was 12,789 in 2016.
“There has been strong demand for ownership housing in all parts of the GTA for both ground-oriented home types and condominium apartments. This was fuelled by confidence in economic recovery and low borrowing costs. However, in the absence of a normal pace of population growth, we saw a pullback in sales over the past two months relative to the March peak,” said Lisa Patel, president of TRREB.
But despite buying activity decelerating in May, the average selling price still crept up by 1.1% month-over-month to reach a record $1,108,453, which TRREB’s analysis attributed to new listings decreasing to 18,586 from 20,825 in April.
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