There are 493 active listings at the moment which is more than double last months count and is 200 more than May 2023s. 58 of the active properties are asking $4,000,000 or more.
In May 2023 228 properties sold while this May 170 sold, which was 20 transactions less than this April. This added inventory is providing more choice to buyers yet the sales volume is down. Interestingly those who are selling are managing to do so in under 3 weeks. There are still some multiple bid sales occurring but less agents are setting Offer dates when they list sellers homes.
The average sale price by property type is shown below with the year over year percentage change. It's quite a mixture of results but you can see that the average price for a detached 2-storey home is still above $2.1 million. Note: there were no Link home transactions included for this period. A Link home may be attached at the basement level (below grade) or, at the garage and their exterior above grade walls are detached.
May 2024 May 2023 % Change
Detached 2-storey $2125653 $2178198 - 2.5
Bungalows $1495750 $1696286 -13.5
Split Level $1561833 $1532154 +2
Condo Apts $835444 $805811 +3.5
Condo THs $877333 $1044632 -19
Freehold THs $1297389 $1280419. +1
Semi-Detached $1145000 $1290500 -12.5
Stacked THs $750000 $795000 -6
The rental market was active with 62 leases during the month up from 51 a year ago.
The financial markets are expecting to see a cut in interest rates at next weeks announcement. It's not likely going to be enough of a drop, should it happen, to encourage a lot of new buyers into the market. But if it does it may have a positive effect on home sale prices as well as stock market investments.
Don't hesitate to call with your questions 905-330-9197
