By Rob Pilon: This will be a brief monthly report. Based on the above two tables, sales increased 20% in May from April which is not uncommon in a typical spring market (9,012 sales in May vs 7,531 sales in Apr). However the 2nd table reveals sales have been weakening of late. Look carefully at the sales numbers on a week to week basis. Weekly sales peaked during May 8-14. Each subsequent week saw less sales than the previous week except for an upward bump in the May 29 to June 4th week. June sales are definitely trending lower.

 

Monthly sales (buyer demand) according to the 1st table increased each month from Jan 2023 to May 2023. June will represent the end of that trend. The first two weeks of May had 2,179 and 2,250 sales. The first two weeks in June had 1,900 sales and 1,762 sales. Demand has clearly waned in June to date.

​

Average prices rose 3.7% in May from April. TRREB will disclose June's average prices for each city sometime next week.

 

In the 1st table, the % of sales to new listings rose steadily each month from Jan 2023 to Apr 2023, but dipped in May 2023. For example, there were 15,194 new listings that came out in May 2023. 9,012 sales occured in the same period. 9,012 sales equals 59% of the 15,194 new listings, hence the sales to new listings ratio (SNLR) was 59% in May. When this ratio decreases, say from 66% to 59% like we saw from April to May, it means more homes remain on the market unsold at the end of the month. Look at the week to week SNLR breakdown in the 2nd table. This ratio peaked in the May 15-21 week at 62%, but in June it's dropped to the mid to low 40's. Again this points to weaker buyer demand.

​

The % of homes selling over the asking price has increased steadily from Jan to May 2023 per the 1st table (in Jan, 19% of all homes sold over the asking price, Feb 29%, Mar 36%, Apr 44%, and May 51%). But according to the week to week table, those increases have apparently ended.  June 5-11 saw 52% of homes selling over asking, but June 12-18 had only 50% selling over asking. It appears we may be moving sideways in June compared to previous months. Definitely not the heated multiple offer craze experienced in the first quarter. There are still aggressive multiple offers occuring in certain cities and areas of the GTA as evidenced by city/town tables provided below (Markham 74% are selling over asking, Whitby 74%, Oshawa 76% and Ajax a whopping 82% of all homes sold over the asking price in May), but overall, the trend is moving towards less offers being presented per multiple offer scenario.

​

Feel free to examine various stats in the tables below: