At $247,014, prices remained virtually unchanged in May, TREB President Marilyn Baubie announced today.

“The easing of price pressures is partly seasonal — not as many people are willing to jump into the market during the warm summer months — and partly a result of the central banks’ repeated interest rate hikes,” the president explained. “We are still up over 6 per cent from the $231,908 recorded last May, and this kind of gradual rise in prices is much more sustainable than the wild increases we saw in the late 1980’s.” The President went on to note that sales were down two per cent from the 5,996 recorded in April, and down six per cent from the 6,296 seen in May of 1999. “However, that’s still close to a record pace,” Ms. Baubie said.

Click to view Residential Market Update – May 2000