While the GTA housing market has remained relatively cool so far this spring, activity could be starting to heat up in May.
According to data from Zoocasa, GTA home sales grew 30 per cent from April 1-15 to May 1-15, while falling 31 per cent year-over-year.
Condo sales are particularly high, rising 48 per cent month-over-month for the first two weeks of the month. In comparison, detached homes saw a 21 per cent month-over-month increase.
The market continues to be a cool relative to last year, as both sales and new listings are down from 2017’s record heights.
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“In the [GTA], the sales-to-new-listings ratio increased from 35 per cent last month to 39, reflecting continued, though slightly tighter, buyers market conditions,” reads the Zoocasa report. “However, in the city proper, the ratio rose from 38 per cent to 45, making the move from a buyers’ market to balanced.”
A ratio of between 40 to 60 per cent is considered balanced, with readings above and below indicating buyers and sellers markets, respectively.
The report uncovered a more subtle sign that the market could be warning — early indications that bidding wars could be starting across Toronto.
“As spring sales start to increase, terminology found in MLS listings reveals that bidding wars in the 416 region have returned,” reads the report. “A query for common terms which usually indicated bidding wars are expected, reveals 197 active Toronto house listings including the wording ‘acting offers’ and 209 with ‘register by.’”
Earlier this month, Toronto Real Estate Board president Tim Syrianos predicted that the market would begin to see an uptick in activity heading into the summer months.
“A strong and diverse labour market and continued population growth based on immigration should continue to underpin long-term home price appreciation,” he wrote, in a statement.