According to monthly market watch, shows that the average selling price for all home types across the GTA was down by 6.6 %, Year over Year in May 2018!
Compared against the month previous, the average selling price was actually up 1.1%, from 804,584 $ to 805,320 $.
Supply of homes available for sale continued to be an issue. New listing were down by 26.2%. The fact that new listings were down by more than sales in comparison to last year means that competition increased between buyers.
Market conditions are becoming tighter in GTA and this will provide support for home prices as we move 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. In the city of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May, said Jason Mercer, TREB'S Director of Market Analysis.