A total of 6,583 home sales were transacted through the Toronto Regional Real Estate Board’s (TRREB) MLS System in May, a 6.3% year-over-year increase. This occurred despite an 18.8% year-over-year decline in new listings, which amounted to 17,698 last month.
On a seasonally adjusted basis, May home sales were up by 10% month-over-month while new listings were down by 2.1%.
The MLS Home Price Index (HPI) Composite benchmark was down by 6.7% year-over-year in May while the $1.06 million average selling price was down by 4.6%. On a month-over-month seasonally adjusted basis the average selling price was up slightly compared to April and the MLS HPI Composite edged slightly lower.
“Inventory levels trended lower over the past year, but buyers continued to have substantial negotiating power through the spring, helping with affordability. Looking ahead, if sales strengthen further relative to listings, selling prices will level off and even start to grow as we move into 2027,” said TRREB Chief Information Officer Jason Mercer.
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