Home sales have gone down recently. Sales of existing homes in the Greater Toronto Area fell by 1% in May, compared with the same time last year.
Apparently what has happened is there is too many houses on the market right now and buyers are becoming more picky. New listings were also up 38% over last year, a sign the Toronto real estate market is becoming flooded.
The Toronto Real Estate Board recorded 9,470 sales in May, the first time this year that sales did not resoundingly beat 2009 levels.
In theory this is GOOD for me... because it means less bidding and prices should come down a bit.
Except the prices haven't come down. They're actually up 13% compared to last year. :( Average prices are up 13% from last May to $446,593 compared with $395,609 in May 2009.
There's also the issue of the HST, which came into effect recently and is hurting home sales. The good news is Ontario may cut the HST by 1% by 2011.
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Home prices sure have dropped here. A condo in Massachusetts I was looking at just a few months ago was $69,900 and now it's $49,900. Another one I've been following for a while in East Boston has gone from $108,000 through a series of several price decreases all the way down to $69,000. I just saw the cutest condo a couple of days ago for only $28,900. That's the lowest price I've ever seen. So hopefully, they'll drop in Toronto soon.
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