Much like the Greater Vancouver Area, the Greater Toronto Area (GTA) saw a drop in sales in May, while listings increased, pulling it toward more balanced territory. There were 7,013 sales in the GTA through the Toronto Region Real Estate Board’s (TRREB) MLS system last month, down 21.7% from 8,960 sales last May. On the other hand, new listings increased to 18,612, up 21.1% year-over-year. The difference between sales and listings influenced May’s aggregate benchmark in the GTA, which was down 3.5% from May 2024. The average aggregate selling price also declined, to $1,165,691, down 2.5% from the average in May 2023, $1,195,409. Home buyers were on the sidelines, looking for relief from high mortgage rates and existing homeowners are anticipating an uptick in demand, as evidenced by the year-over-year increase in new listings, says TRREB. With more choice compared to a year ago, buyers benefitted from more negotiating room on prices, said Jennifer Pearce, president of TRREB. "Recent polling from Ipsos indicates that home buyers are waiting for clear signs of declining mortgage rates. As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers. This will open up much needed space in a relatively tight rental market,” said Pearce. TRREB Chief Market Analyst Jason Mercer foresees improved affordability coming to the GTA. “While interest rates remained high in May, home buyers did continue to benefit from slightly lower selling prices compared to last year. We have seen selling prices adjust to mitigate the impact of higher mortgage rates,” says Mercer. “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." “In order to have an affordable and livable region over the long term, we need to see a coordinated effort from all levels of government to alleviate our current housing deficit and to provide housing for new population moving forward.” “On top of this, governments need to ensure the delivery of infrastructure to support our growing population,” said TRREB CEO John DiMichele. “The economic health and livability of our region depends on the timely completion of public transit projects including better transparency and clear timelines on the completion of the Eglinton Crosstown LRT.” The GTA encompasses two area codes, 416 and 905, with the latter being more active. In the 416, there were 851 single-family sales at an average price of $1,826,370, compared to 2,387 sales in the 905, at an average price of $1,392,699. The 416 saw 274 sales of semi-detached homes, averaging $1,416,496, while the 905 had 616 such sales, at an average of $979,394. In the townhome market there were 255 sales in the 416 at an average of $1,044,978, compared to 894 sales in the 905, averaging $919,286. The biggest sellers in the 416 were condominium apartments, reaching 1,297 homes at an average of $767,064, with the 905 recording 645 sales, averaging $657,925.
Much like the Greater Vancouver Area, the Greater Toronto Area (GTA) saw a drop in sales in May, while listings increased, pulling it toward more balanced territory. There were 7,013 sales in the GTA through the Toronto Region Real Estate Board’s (TRREB) MLS system last month, down 21.7% from 8,960 sales last May. On the other hand, new listings increased to 18,612, up 21.1% year-over-year. The difference between sales and listings influenced May’s aggregate benchmark in the GTA, which was down 3.5% from May 2024. The average aggregate selling price also declined, to $1,165,691, down 2.5% from the average in May 2023, $1,195,409. Home buyers were on the sidelines, looking for relief from high mortgage rates and existing homeowners are anticipating an uptick in demand, as evidenced by the year-over-year increase in new listings, says TRREB. With more choice compared to a year ago, buyers benefitted from more negotiating room on prices, said Jennifer Pearce, president of TRREB. "Recent polling from Ipsos indicates that home buyers are waiting for clear signs of declining mortgage rates. As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers. This will open up much needed space in a relatively tight rental market,” said Pearce. TRREB Chief Market Analyst Jason Mercer foresees improved affordability coming to the GTA. “While interest rates remained high in May, home buyers did continue to benefit from slightly lower selling prices compared to last year. We have seen selling prices adjust to mitigate the impact of higher mortgage rates,” says Mercer. “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." “In order to have an affordable and livable region over the long term, we need to see a coordinated effort from all levels of government to alleviate our current housing deficit and to provide housing for new population moving forward.” “On top of this, governments need to ensure the delivery of infrastructure to support our growing population,” said TRREB CEO John DiMichele. “The economic health and livability of our region depends on the timely completion of public transit projects including better transparency and clear timelines on the completion of the Eglinton Crosstown LRT.” The GTA encompasses two area codes, 416 and 905, with the latter being more active. In the 416, there were 851 single-family sales at an average price of $1,826,370, compared to 2,387 sales in the 905, at an average price of $1,392,699. The 416 saw 274 sales of semi-detached homes, averaging $1,416,496, while the 905 had 616 such sales, at an average of $979,394. In the townhome market there were 255 sales in the 416 at an average of $1,044,978, compared to 894 sales in the 905, averaging $919,286. The biggest sellers in the 416 were condominium apartments, reaching 1,297 homes at an average of $767,064, with the 905 recording 645 sales, averaging $657,925.
