May Real Estate Market

Toronto Real Estate Board May MLS sale statistics:

• GTA single family home sales including condo townhouses and apartments - 4,606.
• Volume - down 53.7%, compared to May 2019 9,950 sales.
• Volume - up 55% compared to April 2020 2,976 sales.
• Average price of a GTA single family home - $878,449.
• Up 7.2% from 2019's average price of $819,305.

“With home sales and new listings continuing to trend in unison in May, market conditions remained balanced. This balance was evidenced by year-over-year average price growth slightly above the Bank of Canada’s long-term target for inflation. If current market conditions are sustained during the gradual re- opening of the GTA economy, a moderate pace of year-over-year price growth could continue as we move through the spring and summer months,” said Jason Mercer, TRREB’s Chief Market Analyst.

We track MLS sales daily.

• November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
• May 2020 50-85% of properties sold for asking or under.

The May residential resale market was a story of changing markets.

• The first week of May, saw more buyers entering the market.
• The $1.5 million and under freehold market was very strong.
• Throughout May, some homes sold for over asking price in bidding wars or bully offers.
• Some northern lake properties under $500,000 were receiving 4-5 offers at the same time.
• The average one bedroom rent was $2,086 - down 5.1 percent compared to May 2019.
• The average two bedroom rent was $2,740, down 5.6 percent compared to May 2019.