Canadian Home Sales Plummet in May

• National home sales dropped 6.2% from April to May 
• Actual activity in May stood 1.6% below last May's level
• The MLS Home Price Index was up 17.9% year over year in May 2017
• The average price of a home in Hamilton/Burlington, as of May 2017, is $627,688
• The median days on the market for a home is 14 days
• The average sold price in Hamilton was $546,082
• RAHB (Realtors Association of Hamilton Burlington) reports a record 3208 new listings were processed in May, which is 41% higher than the same month last year 

"Recent changes to the housing policy in Ontario have quickly caused sales and listings to become more balanced in the GTA." - CREA President Andrew Peck

"The question I am asked most frequently is whether this change in the market realtes to the Fair Housing Plan recently announced by the Ontario government,"says RAHB CEO George O'Neill. "Our members reported seeing a shift in the market even before the anouncement. It's possible that sellers read and heard that changes were coming and decided to act sooner rather than later. Sales remain strong, suggesting the Non-Resident Speculation Tax announced in April doesn't seem to have had an influence in our area."

If you have any questions, or concerns, about today's housing market, contact me today!

Mike Mossuto