Cynthia Yan's video: Toronto Real Estate Market Update May 2022

Toronto Real Estate Market Update May 2022 - In April 2022, there were 8,008 home sales reported through the TRREB MLS System - down by 41.2 per cent compared to the 13,613 sales reported last April, in 2021. - As mortgage rates rose sharply over the past 4 weeks, some home buyers were prompted to delay their purchases in order to determine how they will re-position themselves in the market place - given the higher borrowing rates’ impact on affordability. - Last month, the average selling price for all home types was $1,254,436, showing an increase of 15% from last April’s average of $1,090,414. - Despite slower sales, market conditions remain tight enough to support higher selling prices as compared to last year’s numbers. - However, there does seem to be evidence for increased choice in the marketplace, with average and benchmark prices dipping month-over-month. - It is anticipated that there will be enough competition between buyers to support continued price growth relative to 2021 but the annual pace of growth will moderate in the coming months. For a Free Home Evaluation, hassle free buyer consultation, contact Cynthia Yan at (416) 884-1288, or visit us online at www.cynthiayan.com Website: www.cynthiayan.com Youtube: https://www.youtube.com/channel/UC1IOVpiwGZ6aIJwQrZEeN6Q Facebook: https://www.facebook.com/cynthianyc Instagram: https://www.instagram.com/cynthiayan_elite/ Linked In: https://www.linkedin.com/in/cynthia-y/