May is typically the strongest month for Toronto real estate, but considering the unique circumstances it failed to live up to this reputation.
According to TRREB president Lisa Patel, "There has been strong demand for ownership housing in all parts of the GTA … fuelled by confidence in economic recovery and low borrowing costs. However, in the absence of a normal pace of population growth, we saw a pullback in sales over the past two months relative to the March peak."
Despite a slight drop in sales last month, TRREB said market conditions remained "tight" enough to push the average selling price to an all-time record in May.
The average home price was $1,108,453 compared with $1,090,992 in April and from $863,563 last May.
With the unpredictability of the current housing market, it is strongly advised that you to speak with a real estate professional before entering the market. If you have any questions or need some advice, please feel free to contact me.