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The second week of May has been a bit softer than the first in terms of Toronto real estate sales, but there’s evidence the year-over-year gap is starting to narrow, as activity started to cool this time last year following the implementation of the Ontario Fair Housing Plan.
Detached houses for sale in Toronto, in particular have seen a steady increase in demand.
This week, the year-over-year decline for this home type was -30 per cent, compared to -35 per cent last week.
Condo sales are also on an uptick, with this week’s sales coming in -8 per cent lower than last year’s, compared to a whopping -20 per cent last week.
Comparing declines to declines may not seem like much to cheer about — but both buyers and sellers are wise to watch the year-over-year playing field even out as we enter into the second half of the month.
As well, keep in mind that weekly sales offer a real-time glimpse into the market, rather than a long-term trend, and can be more greatly impacted by fluctuations in the new listings brought to market, buyer demand, and even the weather.
Here’s hoping for a blooming May market in the weeks to come.