Listings increase; sales decline; prices moderate: If it looks like a buyer’s market and feels like a buyer’s market, is it a buyer’s market?
One thing’s for sure, June 2017 results from the Toronto Real Estate Board (TREB) is offering GTA buyers a long-awaited opportunity to choose.
Year-over-year home sales declined by 37.3% to 7,974 in June 2017, and the average price of a home increased by only 6.3% over June 2016 to $793,915. Meanwhile, new listings were up by 15.9% to 19,614. As TREB points out, this signals a moderating rate of growth compared to May 2017’s increase in new listings of 48.9%.
All housing types were impacted: Sales of detached homes declined by 42.9% to 848 in 416 and 45.7% to 2,602 in 905. Condo apartment sales declined by 21.7% to 1,702 in Toronto and 27.6% to 669 in the rest of the GTA.
The average price of a detached home in 416 is now $1,386,524 (up 10.1%) and $948,099 (up 6.2%) in the 905 area. Condo prices showed the biggest increases of all home types: up 23.2% (to $552,679) in the 416 area and 21.4% (to 436,097) in 905.
According to TREB, the market is in flux, adjusting to new provincial measures introduced in April. But both buyers and sellers may want to heed poet Robert Herrick’s advice: “Gather ye rosebuds while ye may…” Because who can predict next month?