Is this the washout in Canadian housing? Toronto listings jump 47%, sales fall

Author: Adam Button | Category: News

Toronto Real Estate Board data

Sales drop, listings surge. Prices to fall?

  • Listings rise 47% in the first half of May compared to year earlier
  • Sales 16% lower than first two weeks of May last year

Prices were still up 17% year-over-year but that's far from the 25% y/y rise in April and 33% y/y rise in March. The data showed prices down 3.3% compared to April.

On April 20, the Ontario provincial government revealed measures to cool the market.

Earlier today, Toronto's Globe & Mail also wrote about the surge of listings and how the market has cooled overnight.

"A month ago everyone is in a panic about a lack of inventory and unaffordable properties," and agent told the newspaper. "Now we have a surplus and buyers are hesitant."