We are almost half way for the year 2018 and this year has not been so rosy when it comes to real estate. The greater Toronto area realtors have released their report for May 2018 and as for the report, there has been a decrease of 22.2% as compared to the May 2017. While the number of sales was down year-over-year, the annual rate of decline was less than reported in February, March, and April, when sales were down by more than 30%. On a month over month basis, seasonally adjusted May sales were basically flat compared to April.
As for this report, new listings were down by 26.2% which was a result of the lower supply of new homes. The fact that new listings were down by more than sales in comparison to last year means that competition increased between buyers. Here are some numbers for May 2018.
- A total of 3344 detached homes were sold in the GTA with 782 homes being sold in 416 area while 2562 homes were sold in the 905 area.
- A total of 647 semi-detached homes were sold in the GTA while 1300 Townhomes Were Sold in May 2018 in the GTA. As far as condo apartments are concerned, it witnessed a sale of 2393 units.
- In the Peel region, Brampton witnessed a sale of 684 homes while Mississauga had 829 homes and Caledon at 96 homes.
- For Brampton, YEAR-TO-DATE 2018, 3,089 homes have been sold, with an average sale price of $693,784 while 6,122 listings were in the market.
- For Mississauga, YEAR-TO-DATE 2018, 3,267 homes have been sold, with an average sale price of $700,998 while 6,257 listings were in the market.
- In Caledon, 367 listings have been sold so far.
Market conditions are becoming tighter in the greater Toronto area and this will provide support for home prices as we move through the second half of 2018 and into 2019. There are some emerging indicators that are pointing towards an increased competition between buyers. Some homes are selling within a week while others are taking time. Overall the scenario looks good for the future of real estate in Toronto, Brampton and Mississauga. A lot of potential buyers who were waiting and watching are now going back into the market and making some deals. We hope the real estate market for most back very quickly after the major correction which lasted for almost 2 years. If you’re looking to buy or sell a home in Brampton, Mississauga, Toronto, Milton or any other city in the GTA, please contact me and I will help you sell or buy the home of your choice at the best price.