➕May 2024➕
The numbers for May are in, echoing the trend from last month. Once again, Toronto witnessed a persistent slump in home sales, as many prospective buyers held off in anticipation of declining mortgage rates. Compared to the same period last year, sales in Toronto declined by 18%.
Homeowners currently mulling over selling their properties seemed to foresee an uptick in demand, as evidenced by a notable 28% surge in new listings year-over-year. This surge in inventory has granted current buyers greater leverage in negotiations, leading to a stabilizing effect on prices. In May 2024, the average home price in Toronto hovered just below the $1.2 million mark.
It is anticipated that borrowing costs will gradually decrease over the next 18 months, with today’s rate reduction serving as the initial indication. For potential buyers, this translates to gearing up for heightened competition and potential price hikes as mortgage rates decline. Meanwhile, sellers can anticipate increased market activity and the possibility of fetching higher prices as demand picks up.
In this dynamic landscape, it is vital to have a trustworthy and knowledgeable realtor by your side. Whether you’re considering selling or buying a property, or if you have any real estate inquiries, feel free to reach out. We are here to guide you!
Looking to buy or sell a home in Toronto? Average prices in May were as follows:
➕Detached $1,826,370 [-5% vs. 2023]
➕Semi-detached $1,416,4961 [+1% vs. 2023]
➕Townhouse $1,044,874 [-2% vs. 2023]
➕Condo $767,064 [-2% vs. 2023]
