Torontonians have been soaking in the first long weekend of the season and that extends to the housing market, which clocked in with one fewer day of activity this week.
That’s reflected in slower sales across the board. All home types are marking a year-over-year decline, with the gap deepening between -24 and -40 per cent.
Month-over-month declines were posted for all home types — with the exception of Toronto townhouses, which, with three more units sold than in April, rose eight per cent.
In general, however, there were a handful fewer transactions compared to last week: 17 fewer detached houses, 13 fewer semis, and 51 fewer condos.
A number of factors are contributing to weaker-than-usual May activity for homes for sale in Toronto.
Reports indicate sellers are less than pleased with softer pricing, and are holding back inventory as a result. This means there’s less choice available for today’s spring buyer.
Analysts are hopeful this will turn around in the period following the Victoria Day long weekend, as market conditions level out with last year’s post-Ontario Fair Housing Plan activity.