WILD: Toronto real estate sales cooling slightly but prices not heading south
It’s obvious to all, the Toronto and GTA real estate market has overheated during the past 15 months of the pandemic.
We’ve seen incredible highs for sellers, who’ve been positively giddy with excitement over bidding wars and properties selling for vastly more than list price.
On the other side of the coin, we’ve seen incredible lows for buyers, many who’ve been priced out of the market by those same bidding wars and who’ve been forced to take on large mortgages.
We’ve seen super-heated local markets, like Hamilton, and more broadly supply shortages.
But there’s been a shift in the past few months, an ever so slight cooling in what’s been a sellers’ market.
The most recent stats from the Toronto Regional Real Estate Board show 11,951 homes sold in Toronto and the GTA in May, down from 13,663 in April. (For context, that’s up tremendously from 4,594 sales during the same period last year, just as the global pandemic was making its way to Ontario).
But May is significantly off the frenetic pace of home sales we saw in March and April, and TRREB reports 13% fewer homes sold in the region between April and May.