Greater Toronto real estate marketers are learning a lot that can change in just one month. Data from the Toronto Regional Real Estate Board (TRREB) show that the average sale price fell in May. Most cities in the whole world are now experiencing falling prices as rates return to normal.
The average sale price of Greater Toronto real estate fell $ 48,000 in May
The average selling price of real estate in Toronto fell. TRREB reported an average sale price of $ 1,050,000 in May, down -4.4% ($ 48,000) less than a month earlier. It fell in most of the cities tracked within TRREB: two-thirds (65.9%), to be more precise. It’s hard not to agree that weaknesses are starting to show up.
Greater Toronto Real Estate saw prices drop to $ 192,000 in one month
The drop in the average selling price has been, to say the least, abrupt. Six markets fell more than $ 100,000 in just one month. Caledon is down with an average sale price of $ 1,330,000 in May, up 12.6% ($ 192,000) from a month earlier. Oakville, Canada’s most expensive market, continued with an average selling price of $ 1,400,000, down 11.0% ($ 172,500) over the same period. Ajax experienced the third largest drop with prices falling to $ 988,800, 13.6% less than in April.
Toronto real estate prices were different
The city of Toronto did not fall on either side of the end, but neither did it surpass the big markets. In Toronto West, the average selling price rose to $ 1,009,100 in May, up 0.4% ($ 4,056) from April. Toronto Central was not so lucky, as the average selling price fell to $ 866,000, down 1.8% ($ 16,250) over the same period. Toronto East fell even faster: to $ 1,072,300, up 4.6% ($ 51,225) in one month.
Somehow, it miraculously adds to TRREB reporting the average selling price of the city of Toronto at $ 980,000. Exactly the same as the previous month, which would mean that it is almost a statistical impossibility. But of course, why not?
Not all cities in Greater Toronto saw price drops
Not all regions of Greater Toronto saw a fall in the average price of housing, even one made a six-figure increase. Adjala-Tosorontio (also has no idea where it is) saw the average selling price rise to $ 1,225,000 in May, an increase of 8.9% ($ 100,000) during the month. Bradford-W Gwillimbury rose to $ 1,200,000, up 6.2% ($ 70,000) over the same period. There were 14 of the 41 average selling price regions reported that showed a monthly increase in May.
Many things can be unpacked with this data, but the most important thing is that the most expensive homes do not move in Greater Toronto. At the same time, stocks have risen rapidly.