Here are the statistics for last month:
Over the last 5 years, the average number of condos on the market for sale in May has been 1268. This past May we had only 613, available inventory is still less than half as typical.
Over the last 5 years, the average number of condos on the market that sold in May has been 468. This past May we had 476 sales... demand is typical.
I'm sorry to sound like a broken record, but market conditions have not changed: "The ratio of condo Supply vs Demand is still far higher than usual. This is not caused by high demand... it's caused by low supply. The level of demand is typical, the market is still starving for inventory."
The median price of a downtown condo was up 3.9% from $592,000 in April to $615,000 in May.
In May, the average price of a detached home was up 5.3% from $1,354,719 to $1,426,094. Since January 2017, home prices are now up 6.7%. Condos continue their rise and are now up 33.6% since January 2017.
Detached home prices are now rebounding strongly as it appears the market has renewed confidence. The median detached home price is now up 23.3% YTD whereas condo prices are up 11.8% YTD. This Spring may have been the best time to make the jump from a condo to a home that we've seen in the past couple years. If you're outgrowing your condo and want more space but struggle with the price jump, we feel the best stepping stone is an 1800 sq ft new construction town home. One developer building quality towns is Dunpar and can be found West of the city in Etobicoke and Mississauga.
The median Condo price of $615,000 is a new record. Typically we see June/July calm down a little and then it picks up again in August as all the students return to the city and need a place. This devours the rental market and also significantly impacts 1/2 bedroom condo inventory as many parents choose to buy an investment property vs paying $80k in rent over 4 years. Buyer's should take advantage of June and July and Seller's should capitalize on the Fall strength and wait to list early August.