With the heart of the spring market mostly behind us, we are now approaching the end of spring and the beginning of the summer market. Overall, prices have increased slightly, as expected, but sales are slightly down. Let's take a closer look!
The average price increased slightly from $629,358 in April to $637,203 in May and on a year over year basis, increased by 0.9%. If we look at the entire year to date, we are up 1.9% which is very much in line with most expert forecasts who expect to see the market level out over the next year or two. It is never uncommon to see rising prices during the busy spring market but it's interesting to see increased prices while the total number of sales has dipped.
In April, there were 541 sales compared to only 519 sales last month. On a year over year basis, sales are down 11.2% but total inventory is at the highest level the market has seen in a very long time. While I don't expect any dramatic changes, I do believe the market may have piqued and we could see a bit of a slow down over the next couple of months. Certain neighbourhoods