The future of Toronto's housing market may be uncertain, but there are clear signs that activity might warm up heading into the summer.
According to the latest MLS data, home sales shot up by 55.2% from April to May with 4,606 transactions in the GTA. The number of new listings also increased by 47.5% compared to April, with a total of 9,104.
The average selling price rose 3% year-over-year from May 2019 to $863,599.
Since the spring market started later than usual, there’s a good chance that we’ll experience a busier summer market as a result.
While we don’t expect to see a record breaking year as was once predicted prior to the health crisis, we are optimistic that the housing market could accelerate as the economy reopens.
Stay tuned for more…