There is no hotter local topic right now than the housing market in Ontario. While many industry professionals have warned that the real estate bubble, a dreaded phenomenon, may soon burst, others see it differently. New numbers suggest a balloon might be a better analogy as the market may slowly be deflating. Here are some of the latest figures from the Toronto Real Estate Board.
Home sales in the GTA dropped by just over 20 percent in May, versus the same month in 2016. In stark contrast, there were 42.9 percent more listings in May 2017 than there were at that time last year. Selling prices remained high, but were down compared to the previous three months.
A spokesperson for the TREB warned that housing inventory is still low, with less than a two-month supply available, but that the situation is less critical than it had been. Condominiums were the only segment of the market not to gain inventory and showed the lowest drop in sales. The TREB attributes the current jump in listings to homeowners hoping to cash in on the historically high average selling prices in the GTA.
Figuring out the best time to enter or exit the real estate market is never easy. For anyone looking to buy or sell, however, it is always important to work with professionals who thoroughly understand the market as it pertains to their particular skill sets. A lawyer who has experience with real estate in Ontario can go over all the legal details and ensure everything is in order, setting the stage for a smooth sale or purchase.
Source: urbantoronto.ca, “Toronto Home Sales Decline as New Listings Surge“, Jack Landau, June 5, 2017