Median Sale Price of Greater Toronto Real Estate Fell $48,000 In May. Six markets reported a drop in excess of $100,000 over just one month. The majority of cities across the board are now seeing price declines. Caledon leads lower with a median sale price of $1,330,000 in May, down 12.6% ($192,000) from a month before.
In Toronto West, the median sale price increased to $1,009,100 in May, up 0.4% ($4,056) from April, while in Toronto Central it fell to $866,000, down 1.8% ($16,250) over the same period. The City of Toronto didn't fall on either side of the extreme but didn't outperform big markets either. It somehow miraculously managed to stay flat at $980,000 for the month of May, which one would assume is a near statistical impossibility.
There were 14 of the 41 Greater Toronto regions reported that showed a monthly increase. More expensive homes aren't moving in Greater Toronto and inventory is rising.
More shifting? The market is forever changing and it's always best to get professional advice from those who know the ways of the real estate market. Looking to speak to someone? Contact me today!