Supply vs Demand is the story as we continue with these stay-at-home restrictions. Pent-up demand for housing in both the GTA and Burlington markets saw these areas have a spike in the Average Selling Price. Here are your market results :
BURLINGTON MARKET RESULTS
Sales activity for Burlington was down 48% when compared to the same period last year. However, so were the number of homes introduced to the market (listings). That figure sat at 49% lower than May 2019. The Average Selling Price was up by 12%. For the full report please click here.
"COVID-19 is unprecedented and changes from week-to-wwk and residential real estate activity within the RAHB market has responded accoringdly," says RAHB President Della-Nebbia.
OAKVILLE/MILTON MAY RESULTS
The same story holds true for the Oakville/Milton area regarding supply vs demand. For single family units the sales in Oakville decreased by a staggering 54.0 % - condominums saw a decrease of 59.2%. Milton - 57.5% and 48.6%, respectively. The number of new homes in Oakville declined by 56.2% and 59.3%, respectively. Milton saw a decrease of 61..4% in the ndumber of single family homes while seeing a reduction of 62.2% in the condominium market. For the full report including Average Selling Prices for all home types in Oakville, please click here. Milton click here.
GREATER TORONTO AREA
TRREB President Michael Collins announced that GTA Realtors® reported 4,600 sales in May - a result that showed a decrease of 53.7% compared to May 2019, The number of new listings was down by a similar annual rate to that of sales, dipping by 53.1%. The Average Selling Price for al home types combined was up by 3% to $863,599 when compared to May of 2019. On a seasonally adjusted basis, the average selling price was up by 4.8% month-over-month compared to April 2020.
The difference in year-over-year growth between the Average Selling Price is related to the fact that homes sales in the City of Toronto, particularly in the detached segment, were down by a greaer annual rate than overall sales in the GTA. This resulted in a compositional impace on the overall average selling price.