The Toronto housing market accelerated in May, although it is still much slower than before the COVID-19 closings.
The Toronto Regional Real Estate Board (TRREB) said 4,606 properties changed hands in the Greater Toronto Area last month, down 53.7% from May 2019.
But compared to last month, when sales fell 67.1% year over year, sales increased 55.2%.
The city of Toronto or the “416” area accounted for 1,491 sales – while 3,115 sales came from the rest of the GTA or the “905” area.
“As long as we continue to see a gradual reopening of the economy, it is very possible that home sales will continue to improve in the coming months,” said Michael Collins, President of TRREB, in a statement.
Far fewer homeowners were willing to be on the list during the pandemic. Despite the sharp drop in sales, low inventory levels kept prices stable.
TRREB reports that the average selling price of all types of homes combined increased 3% from May 2019 to $ 863,599.
“If current market conditions continue during the gradual reopening of the GTA economy, a moderate pace of year-over-year price growth may continue in the spring and summer months” said Jason Mercer, chief market analyst at TRREB. , in one version.
Sales are also down from last year in Vancouver. In May, 1,485 homes were sold. This represents a decrease of 43.7% compared to May 2019.
But like Toronto, sales increased from the previous month. Home sales in Vancouver increased 33.9% month-over-month.
“Home buyers and sellers are adapting today, becoming more comfortable with the physical distancing requirements that are in place in the market,” said Colette Gerber, President of REBGV, in a statement.
The average price of a home in Metro Vancouver is $ 1,028,400, up 2.9% from May 2019.
Gerber drew on forecasters calling for a sharp drop in house prices.
“Although we see a variety of long-term projections for the market, it is essential to understand the facts and trends as they emerge,” she said.
& nbsp; @jessysbains.“Data-reactid =” 31 “>Jessy Bains is a senior reporter for Yahoo Finance Canada. Follow him on Twitter @jessysbains.
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