Greater Toronto Area Report May 2019, Steve Moran, Remax
Toronto region home prices climbed last month as sales volumes roared ahead by almost 19 per cent compared with the same month last year.
May marks the second consecutive month that sales have climbed sharply compared with a year ago, suggesting the Toronto market is beginning to gain steam after almost two years of sluggish sales conditions.
Households continue to see real estate in the Toronto region as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across a diversity of sectors.
Average home prices climbed to $838,540 in May, up 3.6 per cent compared with a year ago.
Most of Toronto's price increase in May came from condominium sales, with prices climbing 4.9 per cent to an average of $590,876 across the Greater Toronto Area.
The surge in sale far outpaced the number of new listings in May. This suggests that market conditions continued to tighten in favour of sellers.
Looking forward, if we continue to see growth in sales outstrip growth in new listings, price growth will accelerate.
I will be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.
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