May was a very strong month for Toronto home sales. I sense the spring market is slowly coming to an end now though, as showings on new listings decreased towards the end of the month. That being said, prices are continuing to creep up, making up for the down market that began almost a year ago.
Statistics show that prices are fairly similar to what they were this time a year ago. In May 2022 we saw interest rate hikes and prices starting to decline across the board. The last three or four months have essentially made up for any loses in 2022.
This week's small interest rate increase may cause a slight hesitation in the market but I believe we will continue to see some price growth over the next six months. -Andrew
