Toronto Real Estate Market Picks up in May

All things are relative, but home sales picked up a little in May. This comes after an April that was decimated by the COVID-19 pandemic.

Activity increased in May, but was still less than half of what Toronto saw in May 2019. That was to be expected, though, given the continued restrictions and lack of new listings as a result of COVID-19.

According to TREB, there were 4,606 sales in the GTA in May which is down 53.7 per cent compared with a year earlier.

However, that did at least represent a 55.2 per cent improvement on April.

Listings and volume down, but prices rise

The number of new listings also rose compared to the previous month, but were down year on year. The decline in listings was largely responsible for the decline in volume. Prices remained solid as a result of the tight inventory. In fact, prices were up 3 per cent compared to May 2019 rising top $863,599.

Variations by neighbourhood

It’s important when looking at city wide Toronto real estate numbers that there will always be variations by neighbourhood. Make sure you choose a Toronto cash back realtor who is plugged in to their local market.