Toronto home sales tightened in May compared to a year ago as buyers benefited from lower prices and borrowing costs, according to the latest market report from the Toronto Regional Real Estate Board (TRREB), released Wednesday.
Seasonally adjusted data showed home sales in the Greater Toronto Area (GTA) climbed 10 per cent to 6,583 in May compared to April and were up 6.3 per cent year over year.
Inventory and negotiating power
Although new listings plunged nearly 19 per cent compared to last year to 17,698, TRREB said buyers still had the upper hand. "Inventory levels trended lower over the past year, but buyers continued to have substantial negotiating power through the spring, helping with affordability," said TRREB chief information officer Jason Mercer in the report. "Looking ahead, if sales strengthen further relative to listings, selling prices will level off and even start to grow as we move into 2027."
Price trends
The MLS Home Price Index composite benchmark declined 6.7 per cent year over year, while the average selling price fell 4.6 per cent to $1,069,700. TRREB president Daniel Steinfeld anticipates sales will grow further in the second half of the year. "Recovery would be further bolstered by positive news on the trade front along with an easing of geopolitical tensions and related uncertainty," he said in the report.
