May housing stats are in and really? no big surprises.
*Sales down by 22% compared to May 2017, you know, when the Foreign Buyers tax was implemented and the Fair Housing Plan came into effect, which did NOTHING to help with the real problem: SUPPLY! (oh, and did I mention this did NOT help the Liberal Party either? But I digress….
*New listings were also down by 26%
*Total inventory shrank by 18% vs L/Y and would have been worse, save for some condo stock.
*Average days on market in the GTA was 20 vs only 11 last May.
*Average sale price was depressed in May by almost 7% ..$805.3K compared to last May’s $862K
*The only category that went UP in price was the condo market which rose by 7% in the City to $603K, but sales were down by a whopping 14% nonetheless….depleted supply to be sure.
The month of June will be the first time we will see POSITIVE VARIANCES in over a year since we are no longer comparing our numbers to the LOTTERY PRICES from last MAY.
One of our irritating issues, currently, is that there is a preponderance of OVER HOUSING in the city. This is where people who own large homes only use about 25% of their square footage. Kids and nannies have moved out. Sellers are not anxious to sell because, for most of them, this would be merely a lateral move. A move to adequate space in a condo is fraught with limited options and HIGH PRICES. In the end, they don’t move because it is just too expensive and they would prefer to put up with this “waste of space” in a home they are familiar with and still love.
Change for change sake is not their cup of tea…and even a passionate Realtor can understand that!
If you (or someone you know), are looking for a Realtor who cares MORE about focusing on your concerns, goals and the successful purchase or sale of YOUR unique home, than they care about their volume of transactions and awards, please let me know the best way for me to connect. I would love to offer my highly personal service. Contrary to that old expression, not only IS this business, but it IS personal! And, please, I encourage you to ask me any questions you may have about this post. I value your input and appreciate the time you took to read it.