TRREB May Resale Housing Market Report: Toronto Sales Down, Prices Up Accross the Board

Home Sales and Listings:

Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7% compared to May 2019.

On a month-over-month basis, May sales were up substantially compared to April. Actual May 2020 sales increased by 55.2% compared to April 2020.

New Listings

The number of new listings in May was down by a similar annual rate to that of sales, dipping by 53.1% to 9,104.

On a month-over-month basis, actual new listings were up by 47.5%.

Home Prices:

The average selling price for all home types combined was up by 3% compared to May 2019 to $863,599.

                                                Detached               Semi-Detached    Townhouse           Condo Apartment

Toronto

Sales                                       2,683                      787                         969                         4,853

Yr./Yr. % Change                   -25.8%                    -32.3%                    -25.4%                    -26.2%

Avg. Price                              $1,424,412.00      $1,137,429.00      $815,526.00         $693,282.00

Yr./Yr. % Change                   +7.5%                     +8.5%                     +5.9%                     +11.5%

Condominium Apartment Rental Market

One-bedroom and two-bedroom condominium apartment rental transactions were lower in May 2020 compared to May 2019. The number of one-bedroom rentals was down by 30.8% to 1,290. The number of two-bedroom rentals was down by 26.7% to 820.

The average one-bedroom rent was $2,086 in May 2020 – down by 5.1 per cent compared to May 2019.

The average two-bedroom rent was $2,740 in May 2020 – down by 5.6 per cent compared to May 2019.

For More Info, please click the link below:

http://trreb.ca/index.php/news/news-releases/811-trreb-releases-may-resale-housing-market-report