Quick turn in Toronto-area housing
Measure to cool the Toronto housing market along with a jump in new listings sent prices 6% lower from April to May, according to the Toronto Real Estate Board.
Prices were still up 29% year-over-year but a glut of new listings threatens to unwind more of the run up. Listings in May were up 42.9% compared to a year earlier and sales of detached homes were 26.3% lower.
Still, the number of listings is far below the historical norm. Here's a look at the last decade:
- May 2006 - 26,220
- May 2007 - 23,739
- May 2008 - 27,267
- May 2009 - 21,524
- May 2010 - 25,414
- May 2011 - 18,481
- May 2012 - 20,462
- May 2013 - 22,677
- May 2014 - 20,679
- May 2015 - 18,585
- May 2016 - 12,931
- May 2017 - 18,477
Until there is a true flood of new listings, it still looks like a soft landing but seeing how quickly the market has changed in a month, the Canadian housing market merits close attention.
The average price of a detached home in Toronto is $1,503,868.
