Here’s your Toronto real estate market report for May. The year-over-year comparisons remain ugly, but the drop in average prices seen in houses has actually edged up for the last little bit.
While the number of sales was down year-over-year, the annual rate of decline was less than in February, March and April, when sales were down by more than 30 per cent! On a month-over-month basis, May sales were basically flat compared to April.
Each month, the comparison gets less bad as we move away from that crazy peak of 2017. Next month we may even see year-over-year average price increases.
More May 2018 charts: don’t look now but the market is improving!
Here is what we saw happen in May as reported by the Toronto Real Estate Board.