Column Toronto Real Estate Brokerage Royal LePage RES Ltd/Johnston and Daniel Division Toronto REALTORS® Louise Dodd and Jason Dodd
Column Middle Toronto REALTOR® Louise Dodd Toronto REALTOR® Jason Dodd Toronto Real Estate Services Toronto Real Estate for Sale Previous Toronto Real Estate Sales Toronto Real Estate Information and Other Information

May Real Estate Market

Toronto Real Estate Board May MLS sale statistics:

  • GTA single family home sales including condominiums 7013.
  • Volume - down 21.7%, compared to May 2023 - 8960 sales.
  • Volume - down 1.3% compared to April 2024 - 7107 sales.
  • Average price of a GTA single family home - $1,124,377.
  • Down 1.7% from 2023's average price of - $1,126,331.

(The GTA is Burlington to Clarington, Lake Ontario to Lake Scugog)

“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. 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,” said TRREB Chief Market Analyst Jason Mercer.

We track MLS sales daily.

  • November 2016 to May 30th 2017, 90% of central district properties sold over asking price.
  • May 2024 30-55% of central district properties sold for over asking price daily. (Based on district.)

(Central districts cover the Lake to York Mills, and the Humber River to Victoria Park.)

The May residential resale market was an improved market, compared to fall 2023 and January, February 2024.

  • Some properties remain unsold after 2, 3 months or even a year.
  • Some under priced or reasonably priced homes sold in "bidding wars" - or "bully offers".
  • Outline Financial thinks now is not the time to try to sell a condo apartment.
  • The prices of many condominium apartments are reduced daily.
  • Many buyers are waiting for interest rates to lower.

May Average Prices:

  • Detached 416 : $1,826,370
  • Semi-detached 416 : $1,416,496
  • Townhouse 416 : $1,044,874
  • Condo 416: $767,064

Average GTA Prices 1988 to 2023

1988
$229,635
2006
$351,941
1989
$273,688
2007
$376,236
1990
$255,020
2008
$379,347
1991
$234,313
2009
$395,460
1992
$214,971
2010
$431,276
1993
$206,490
2011
$465,014
1994
$208,921
2012
$497,130
1995
$203,028
2013
$522,958
1996
$198,150
2014
$566,624
1997
$211,307
2015
$622,120
1998
$216,815
2016
$729,837
1999
$228,372
2017
$822,572
2000
$243,255
2018
$787,865
2001
$251,508
2019
$819,279
2002
$275,231
2020
$929,636
2003
$293,067
2021
$1,095,475
2004
$315,231
2022
$1,190,749
2005
$335,907
2023
$1,126,331
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