Canada suffered its slowest sales growth in May, thanks in large part to good old T.O., according to new Realtor data.
The number of homes sold in Toronto rose 11 percent, which was down from an increase of 18 percent in April. Price growth also slowed, with the average sales gain coming in at 6.5 per cent, in May, and not April’s year-over-year gain of 8.5 percent, acc.
Overall, home purchases for seven major real estate boards climbed 4.9 per cent from a year earlier to $11.2 billion. That translates into an 8.5 per cent value increase, compared to the previous year’s.
Property investors have welcomed the slowing market as a way of strengthening their own offers on properties that would have, even as little as two months ago, attracted multiple bids.
That’s less likely, especially in B.C.
The province led Realtor declines in May, with Vancouver sales volume falling 16 per cent from the 2011 period.
Still, many investors still find themselves in competitive bidding situations in Toronto as well as Vancouver for small multi-family properties.
While investor appetite for new acquisitions is also starting to wane, given the global economic uncertainty.