Sales Slowdown Creates Opportunity
This past May marked one of the slowest spring real estate markets Toronto has seen in over two decades. According to new data from the Toronto Regional Real Estate Board (TRREB), just 6,244 homes were sold across the GTA — a 13% drop compared to the same time last year.
With the exception of May 2020 during early pandemic lockdowns, this is the lowest number of May sales since 2002. And it’s worth noting: our population has grown by over 35% since then.
Home Prices Edge Down Across the Board
The average sale price across the GTA in May was $1.1 million, representing a 4% decline year-over-year. Different property types experienced varying levels of price correction:
Semi-detached homes: down 8.4%
Condos: down 7.3%
Detached homes: down 5.6%
Townhomes: down 3.3%
Lower prices combined with slightly reduced borrowing costs have improved affordability, but many buyers remain hesitant due to broader economic concerns.
Inventory Rising, Confidence Lagging
New listings are on the rise. Nearly 22,000 properties came to market in May — up 14% year-over-year. With more listings and fewer sales, the sales-to-new-listings ratio sits at 28%, confirming a buyers’ market. That means:
More choice for buyers
Greater negotiating power
Slower pace = more time to make decisions
Interest Rates, Trade Tensions & What's Next
Market activity continues to be shaped by economic uncertainty, especially around trade with the U.S. and Bank of Canada interest rate decisions. While some expect a rate cut in the near future, the central bank has so far held steady.
Still, we are seeing early signs of recovery: both sales and prices increased slightly compared to April on a seasonally adjusted basis. That’s two months in a row showing a positive trend.
Final Thoughts
For Buyers, this is a rare moment of leverage — more supply, less competition, and room to negotiate.
For Sellers, pricing strategy and strong marketing are critical to stand out in a crowded marketplace.
Whether you’re looking to move soon or just want to better understand your home’s current value, I’m here to help you navigate today’s evolving market.