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Toronto Real Estate Board Marketwatch Report
May 2022 saw the GTA housing market continue its adjustment to higher borrowing costs with the number of transactions down on a monthly and yearly basis. There were 7,283 homes sold through TTREB in May 2022 which represents a 38.8% decline from May 2021 when 11,903 properties were sold. This is a slightly lower percentage than we saw in April 2022. The decrease in sales was greater in the "905" area code and particularly for detached properties.
New listings were down only 0.5% with active listings at the end of May at 15,433 which is up 26% from 12,247 in May 2021.
Average sales price was up 9.4% from $1,108,124 in May 2021 to $1,212,806 in May 2022.
Days on the market were 12 days in May 2022 compared to 11 days in May 2021 - which is up 9.1% year over year.
Inspite of slower sales, market conditions remain tight enough to support higher selling prices compared to last year.
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