Most people in Toronto expected a spring market to bloom. This would’ve helped the slowing real estate market that we’re in right now. But unfortunately, the spring market wasn’t as lively as we expected it to be.
Compared to May 2012 of last year, we see a 3.4 per cent dip in sales this May. Again, we go back to the problem of the stricter mortgage lending guidelines. Reminding sellers that this puts a hold back on many potential buyers who wants to buy a home but cannot at the moment.
On a positive note, the average selling price of residential properties were up by 5.4 per cent which was equaled to about $542,174. This was most likely driven by the limited low-rise real estate such as single detached and semi
detached homes in Toronto. According to the Globe and Mail, ”sales of detached homes held up last month, rising 3 per cent in the downtown region covered by the 416 area code, and by 0.1 per cent in the suburban areas covered by the 905 area code. Sales of condos and townhouses were down.”
It is also being predicted that the upcoming summer and fall markets won’t be as strong as it was the year before. This will be a possible disappointment to many sellers who are looking to list their properties in the months up ahead. If you are thinking of listing, keep in mind that your property could be on the market longer and that the price you would like to see your home sell for could be longer than expected. It’s always a good idea to speak to a real estate agent and find out your comparable market analysis on your property. All the
information given is a general market idea; your specific neighbourhood could be much different.