Greater Toronto Area real estate recovery in full swing in May
The average price of a GTA
home rose to nearly 1.2 million in May, up 3.7% from April.
The upward momentum is
being maintained by a supply shortage that is pushing up prices and competition
among buyers who have adjusted to higher interest rates and are jumping back
into the housing market. Sellers, however, are still standing on the sidelines
for fear of not being able to find their next home.
At the end of May, there
were 1.3 months of inventory remaining. That is a measure of the amount of time
it would take to sell all the listed properties if the pace of sales remained
the same. In January, there were 2.76 months of inventory remaining. This
points to a substantial tightening over the first five months of the year.