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Toronto home sales rise the most in 10 months, prices dip
TRREB said lower prices and tighter inventory helped lift transactions, while the benchmark home price fell 6.7% and new listings dropped 18.9%.
- The Greater Toronto Area recorded 6,583 home sales in May, marking the third consecutive month of sales growth with a 6.3 per cent increase compared with last year.
- Fewer homeowners listed properties, with new listings falling 18.9 per cent to 17,698 year-over-year, while total active inventory in the GTA decreased 13.3 per cent to 26,927 units.
- Average selling prices fell 4.6 per cent year-over-year to $1,069,700, while the composite benchmark price dropped 6.7 per cent amid what observers describe as a "skittish market."
- Buyers retain "substantial negotiating power" through the spring, TRREB chief information officer Jason Mercer said, noting prices remain 32.6 per cent below the spring 2022 peak.
- Regional trends show varied price declines, with York's index falling 9.5 per cent and Peel's index decreasing 7.6 per cent year-over-year, while condo prices in both areas dropped more than 10 per cent.
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33 Articles
33 Articles
The Greater Toronto Area recorded its third consecutive month of real estate sales up from the previous year, with the city's real estate chamber reporting that the market had tightened in May.
·Montreal, Canada
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Toronto Home Sales Jump Most in 10 Months as Prices Decline
·New York, United States
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Toronto home sales rise the most in 10 months, prices dip
Greater Toronto Area home sales posted their biggest monthly gain in 10 months in May, helped by improved affordability, while prices resumed their recent decline, Toronto Regional Real Estate Board data showed on Wednesday.
·New York, United States
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Coverage Details
Total News Sources33
Leaning Left24Leaning Right0Center5Last UpdatedBias Distribution83% Left
Bias Distribution
- 83% of the sources lean Left
83% Left
L 83%
C 17%
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