Detached and semi-detached houses and condos for sale in Toronto posted gains of six per cent, 10 per cent and 21 per cent, respectively, signalling buyers are finally out and about in force in the spring market.
Only condo townhouse sales saw a decline of three per cent, representing seven fewer units sold.
While this week’s activity is still lower than at the same time last month, between 13 and 22 per cent, the year-over-year gap is starting to close, which could indicate market conditions are becoming on par with the post-Fair Housing Plan climate last May.
Detached house sales, which have recorded the greatest decrease over the last year, came in just 10 per cent lower than this time in 2017, compared to the whopping -35 per cent difference noted in the first week of May. Condo apartment sales have come in seven per cent lower, compared to -20 per cent between May 1 and 8.
It will be interesting to see whether this uptick in activity will persist as we move into the June market, when cottage country typically beckons buyers away from open houses, as May 2018 goes into the books as a truncated spring market.
