Home sales have boosted up for the month of may in the realm of a 3.6% increase compared to the month of April according to the Canadian Real Estate Association. We are now starting to see the boom of the spring market and the mad dashing of the bidding wars on properties in the city. Housing prices seen an increase of 3.7% this year, bringing the average house price to $388,910 for the month of May. This compared to last May, the average price was $375,062.00, one of the biggest jumps in home sales in more than two years.
This has been a good spark the market has needed as we have not seen a jump like this since the new mortgage rules came into affect last July. However, this was not only seen in Toronto, but other urban areas saw a spike in home sales. This is not a huge surprise since May and June are usually known for being the two important producing months for home sales. Because of this spike, it seemed like it has intrigued sellers to be confident to put their property on the market as the number of properties listed for sale was up by 2%.
However, we should take this data with a grain of salt, as it is only one months worth, but it still is a positive sign for the second half of the year.