➕‘the numbers’ for May are in. Toronto real estate market conditions continued to evolve in response to higher borrowing costs and other market influences. Similar to April results, May 2022 sales were down on a monthly and annual basis.
While May technically remained a ‘sellers’ market when looking at the entire month, the more balanced market conditions have provided active buyers with more negotiating power. Moreover, month over month trends indicate an official ‘balanced’ market is on the horizon, if not already arrived.
The current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold for now. As home buyers adjust to higher borrowing costs, demand for housing will be supported by low unemployment, rising incomes and record immigration.
For Sellers, market conditions remained tight enough to support year over year gains in average selling prices in the ‘416’ including detached houses [+12%], semi-detached houses [+8%], townhouses [+11%] and condos [+11%] vs. 2021.
Looking to buy or sell a home in Toronto? Average prices in May were as follows:
Data presented is for Toronto Only. Source: TRREB.