TRREB’s May GTA Data.

Toronto Real Estate Sales Rise 55% Since April, Average Price Down 5% From February

As the Toronto real estate market is still adjusting to the changes introduced by the lockdown and the health and safety regulations under Covid-19, May numbers show a considerable improvement since April.

Sales in the Toronto region rose 55% month-over-month (m-o-m) in May, (4,606 total transactions). May sales stayed below the annual basis; with a 54% drop since May 2019.

Average home prices increased 3% annually to $863,599 since May 2019. Compared to February 2020, the last full month before COVID-19 forced the province into emergency state, the average home price dipped by 5%.

In the 416, sales across all types of homes jumped up 44% m-o-m, but are still down entire 60% annually.

Condo townhouse sales are up 70% from April, and condo apartments saw a 51% monthly increase (727 total sales in May 2020).

Year over year, condo townhouse sales came to a 53% annual decline, while condo apartments declined 58% year-over-year from May 2019.

Average Toronto Region Home Price Dipped $46,491 (5%), From February 2020

In February 2020, average Toronto home price was $910,290, which dropped 5% in May to $863,599. It’s important to mention that it is still a 3% increase since May 2019

Average prices for condo townhouses declined 8% since February to $618,532.

Detached houses slid down 7%, while condos dropped 6%. Semi-detached houses saw only 1% decline in average prices since February to $867,717.

Average prices across all home types improved on an annual basis by 2%, however saw a 3% decline since February 2020 to $955,273. Prices for condo townhouses dropped 8% to $715,572 and condo apartments by 7% to $674,028. Year over year, the average price increases for both were of 3% and 5% respectively.

The average City of Toronto detached house price rose 3% annually but dropped 4% since February to $1,422,273. Semi-detached homes experienced a 5% decline since February, but climbed 9% y-o-y to $1,143,322.

If you are looking to purchase a home or sell your property, in the following 2-3 months it may be a challenging time to predict the outcome of your transaction. The good thing is that I remain quite active in this market and would love to share first-hand experience with you on what to expect from your real estate journey. Contact me and let’s book a video call to chat about your goals and how I help you with them.