The competition among homebuyers is increasing in the Toronto region even though year-over-year prices fell 6.6 per cent on average to $805,320 last month, from $862,149 in May 2017.
The number of resale home transactions declined 22.2 per cent in the same period.
Still, there are indications that the competition to buy a home is on the rise, supporting higher prices in the second half of the year and into early 2019, said Jason Mercer, director of market analysis for the Toronto Real Estate Board (TREB).
“Average selling prices were at or above average listing prices for all major home types in May,” he said in a press release.
New listings of homes were down 26.2 per cent year over year in May, said TREB. There were 19,022 new listings of resale homes in May compared to 25,764 in May 2017.
Seasonally adjusted figures show the average selling price was actually up 1.1 per cent in May compared to April.