The Toronto Regional Real Estate Board says home sales in May were down 21.7 per cent from last year, but new listings continued to rise as homeowners anticipate a bump in buyer. demand. A West-end Toronto home for sale is shown on July 15, 2023. THE CANADIAN PRESS/Graeme Roy
In May, home sales in Toronto saw a decrease of 21.7% compared to the previous year, according to the Toronto Regional Real Estate Board. Despite this decline, the number of new listings continued to rise, hinting at homeowners' expectations of increased demand.
During the month, 7,013 homes were sold, a drop from the 8,960 sold in May of the previous year, which coincided with a short-lived market upturn. The average selling price in the Greater Toronto Area also experienced a decrease, down by 2.5% year-over-year to $1,165,691.
The surge in new listings was notable, showing a 21.1% increase over the same period, with 18,612 properties hitting the market last month.
TRREB president Jennifer Pearce noted that potential homebuyers, including many first-timers, are holding off, anticipating a clear indication of declining mortgage rates before making a move. Such a trend could also provide relief for the tight rental market.
The Bank of Canada's latest interest rate decision, slated to be announced soon, is being closely watched. Some economists speculate that it may involve a rate cut, which could have implications for the housing market.
