The Greater Toronto Area recorded 7,013 home sales in May, according to new data from the through the Toronto Regional Real Estate Board (TRREB). This represented a 21.7% drop from the 8,960 sales reported in May 2023.
The drop in sales was seesawed with a rise in new listings – 18,612, up by 21.1% year-over-year. While this occurred, the average selling price of $1.16 million, down by 2.5% over the May 2023 result of $1.19 million.
“While interest rates remained high in May, homebuyers did continue to benefit from slightly lower selling prices compared to last year,” said TRREB Chief Market Analyst Jason Mercer. “We have seen selling prices adjust to mitigate the impact of higher mortgage rates. Affordability is expected to improve further as borrowing costs trend lower. However, as demand picks up, we will likely see renewed upward pressure on home prices as competition between buyers increases.”
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