May 2019 CREB Stats
Sales growth in May was met with a decline in new listings. This combination eased the pressure on inventory levels, which finished the month at 7,467 units, a decline of 12 per cent compared to last year.
Improving sales relative to inventory levels caused the months of supply to ease to just under four months. While still oversupplied, this is an improvement from the five months of supply recorded last May.
Citywide sales in May totalled 1,921 units, 11 per cent higher than last year’s levels. However, sales remain 10 per cent below longer-term trends. This sales growth was primarily driven by homes priced under $500,000.
“While sales activity remains low based on historical activity for May, the easing prices have brought some people back to market, while also preventing some others from listing their homes,” said CREB® chief economist Ann-Marie Lurie.
“This has started to push the market towards more balanced conditions. If this trend continues, it could limit some of the downward pressure on prices.”
Citywide benchmark prices totalled $423,100 in May. Prices have shown some signs of improvement month-over-month but remain four per cent lower than 2018 levels.
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