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4mo ago

Greater Toronto home sales post monthly rebound despite annual slump

Lower borrowing costs from consecutive Bank of Canada rate cuts eased affordability despite lingering uncertainty over U.S. trade.

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A house in Toronto's Riverdale area in 2021. Greater Toronto Area home sales in May posted their biggest increase in four months.
The Toronto Regional Real Estate Board says 6,244 homes were sold in May, down 13.3 per cent year-over-year. A west-end Toronto home for sale is shown in a July 15, 2023 file photo. THE CANADIAN PRESS/Graeme Roy
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Overview

  • TRREB data show May home sales at 6,244 units, down 13.3% from May 2024.
  • Seasonally adjusted sales jumped 8.4% from April to 4,693 units, marking the largest monthly gain since January.
  • New listings rose 14% year-over-year to 21,819 properties, expanding buyer choice.
  • The average selling price declined 4% to $1,120,879, while the composite benchmark price fell 4.5% year-over-year and the home price index ticked up 0.1% to $992,800.
  • TRREB highlights improved affordability from a cumulative 2.25-point rate cut and warns that U.S. trade tensions continue to temper buyer confidence.