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. Read more:New-home sales in GTA hit 20-year low in AprilWhy priced-out city-dwellers are eyeing cottage country insteadHigher interest rates add to home buyer strugglesDetached and semi-detached houses continued to see the steepest decline in sales compared to condos and townhouses.The average detached house price fell 8.2 per cent in the Toronto region to $1.05 million, with the biggest drop in the communities surrounding Toronto, where there was a 9 per cent price drop compared to the same month last year. In the city of Toronto, detached house prices fell only 5.6 per cent.The condo market continued to register an increase in prices, with the average unit costing $562,892, 5.7 per cent more than May last year. The city of Toronto saw the biggest condo price increase of 6.5 per cent, to an average cost of $602,804.York Region is still suffering disproportionate price declines compared to the rest of the GTA. While the benchmark Home Price Index was down 5.4 per cent overall, the same indicator showed a 15.6 per cent drop in York. Detached house prices w ...
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