May Toronto Real Estate Market Update
Oh, Toronto in May. The flowers are blooming, the sun is shining, and homes are being listed and sold as quickly and easily as kids selling lemonade at a homemade stand.
“Errr, Tyson, what are you talking about? Everything I read and hear is about how there is so much supply and no sales.”
Read the local real estate news, and sure, you’re right, that’s what the majority will claim, but here’s the thing: they are not reporting the actual local and specific stats. They report the general GTA statistics, including areas like Pickering, Oakville, Halton, Newcastle, etc. The GTA is huge. Grouping dozens of cities and then averaging that into one number doesn’t make sense. It doesn’t seem right. It seems misleading and, frankly, lazy.
As a dedicated Toronto Real Estate agent, my utmost commitment is to provide you with the most accurate and up-to-date information about the Toronto Real Estate market. My report is solely focused on Toronto, not Mississauga, not Vaughan. The statistics I gather, review, and present are exclusively based in Toronto, ensuring you receive the most reliable insights.
Instead of writing a vague and potentially misleading report, it’s better service to you and me if I focus on one area and give you a 100% full, clear and true story.
But before I begin, let’s read what Toronto Regional Real Estate Board (TRREB) President Jennifer Pearce has to say :
"Recent polling from Ipsos indicates that home buyers are waiting for clear signs of declining mortgage rates. As borrowing costs decrease over the next 18 months, more buyers are expected to enter the market, including many first-time buyers. This will open up much-needed space in a relatively tight rental market,"
Now, mind you, she is talking about the GTA, but she is also not wrong. Lots of buyers are waiting for an interest rate drop (what else is new?), and we finally had one in early June, so it should be interesting to see those stats when they are released. But even before the rate drop, the Real Estate market in Toronto was humming along and doing just fine… well, except for condos, but we’ll get into that later.
So, without further ado, let’s break it down ⤵️
TOTAL # OF NEW LISTINGS
More homes were listed again in May, but not as much as in the April explosion, where we witnessed detached and condo apartments jump up 49% and 34%, respectively. In May, only Freehold Townhomes had a significant increase in listings with a 33.54% (161 vs 215) jump,
The others were,
Detached by +17.5%
Semi-Detached by +17.27%
Condo Townhomes by +13.51%
Condo Apartments by +6.09%
TOTAL # OF ACTIVE LISTINGS
April was absolutely crazy with new listings so it was expected that May would have a little comedown, which is exactly what happened. Instead of a 58% increase like, in April, May saw an average of 29% across all property types.
Specifically,
Detached homes went from 1600 listings to 2032, a 27% increase.
Semi-Detached went from 310 - 404, a 30.32% increase.
Freehold Townhomes went from 148 - 204, a 37.84% increase.
Condo Townhomes went from 407 - 544, a 33.66% increase.
Condo Apartments went from 4926 to 5798, a 17.7% increase.
TOTAL # OF SALES
Both, Condo Townhome and Apartment sales dipped compared to last month. Townhomes dropped from 182 purchases in April to 171 in May - A decrease of -6.04%.
While Apartments went from 1309 to 1297, for a change of - 0.92%. This was a disappointing statistic considering, we saw a 10% increase just last month.
Moving on,
From April to May we saw Detached homes increase by +17.5%,
Semi-Detached by +14.17%,
Freehold Townhomes by +6.33%
AVG PRICE
Month-to-month, all property types had a positive increase in sales price, although nothing too substantial. The price of Detached homes and both types of Condos rose by less than 0.5%.
Specifically,
Detached homes increased by +0.23%,
Semi-Detached by +3.77%,
Freehold Townhomes by +5.46
Condo Townhomes by +0.39%
Condo Apartments by +0.02%
AVG DAYS ON MARKET (DOM)
With prices staying relatively the same, we also saw the days to sell remain stable. All property types had minor changes, the most being either two more days or two fewer days to sell.
Specifically,
Detached went from 15 to 14 days to sell (-6.67%).
Semi-Detached 13 to 12 days (+8.33%).
Freehold Townhome 15 to 13 days (+15.38%)
Condo Townhomes 21 to 23 days (+9.52%).
Condo Apartments 25 to 24 days (-4%)
Ok! That's it for May. Thanks for reading and have a great day! 👋 - Tyson
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