The average sale price is $1,108,124 for Toronto and the GTA. This means that the average sale price of a home is up +9.4% (that's up by $104K) in the last 12 months.
Homes were selling on average in 12 days. This means, that from the time a home is listed on MLS, it takes approximately 11 days to accept an offer (closing typically takes 30-90 days). It's important to note, that this is increasing as the market continues to evolve.
The number of homes for sale has balanced out (after 2 long years) to +0.5%. On a year-over-year basis, the number of sales is still down considerably at-38.8%.
Overall, as the market continues to evolve, conditions continue to change. There are many factors contributing to this change over the last few months. With the Bank of Canada raising interest rates by 50 basis points on June 1, this is impacting home buyers in the short term.
How is this impacting? With prices lower on a month-to-month basis, this leaves buyers waiting for the 'bottom' price and gives more serious buyers more negotiating power. This is why homes are taking a little longer to sell right now.
How will the shift impact you? — Many areas in the GTA are impacted differently.