May Toronto Real Estate Market Stats: Have we peaked?! 21.7% Decrease in Sales Volume

Get ready for an insider’s look at the latest buzz in Toronto’s real estate scene. I’m Vanessa Copeland from the amazing SO&Co team, and I’m excited to guide you through the freshest updates and trends shaping our vibrant market. Whether you’re hunting for your dream home or keeping tabs on the investment landscape, we’ve got the insights you need. Let's dive into the latest market moves!

This year has seen a dip in real estate transactions compared to May 2023. However, there’s a silver lining for home buyers: the recent rate cut by the Bank of Canada has the potential to ease some of the pressure. With an increase in new listings this year, buyers now have more options to explore!

Toronto Real Estate Market Overview: Key Insights

In May 2024, the Toronto Regional Real Estate Board (TRREB) reported 7,013 sales, marking a 21.7% decrease from the 8,960 sales in May 2023. On a brighter note, inventory has surged by 83% compared to the same period last year. This boost in available homes has slightly eased pricing pressures, bringing the average home price in the Greater Toronto Area down by 2.5% to $1,165,691, compared to $1,195,409 last year.

Jason Mercer, TRREB’s Chief Market Analyst, shares his insights:,

“Despite high interest rates in May, home buyers have benefited from slightly lower selling prices compared to last year. Prices have adjusted to offset higher mortgage rates, paving the way for improved affordability as borrowing costs decrease. As demand picks up, we may see renewed upward pressure on home prices due to increased competition among buyers.”

Average Home Price in the GTA By Month

Let’s take a look at some of the regional stats across the GTA, Toronto, Mississauga, Oakville, Durham Region, York Region and Brampton.

GTA Real Estate Insights

In May 2024, the Greater Toronto Area saw a 2.5% dip in the average sale price across all home types, now at $1,165,691 compared to the same period last year. Sales volume decreased by 21.7%. Condo prices also experienced a 2.4% reduction, averaging $730,815, with a 24.4% drop in condo transactions, totalling 1,942 sales. The market inventory has expanded, offering 3.10 months' worth of homes. This means if no new listings appeared, current homes would be sold out in 3.10 months. The average time on the market for listings is 23 days.

Toronto Real Estate Market Stats

For May 2024, Toronto's average sale price for all home types saw a slight 0.3% decrease, settling at $1,193,202. The number of sales fell by 17.8%. Condo prices dropped by 2.3% to $767,064, with condo sales down 24%, totaling 1,287 transactions. Toronto has 3.34 months' worth of housing inventory. If no new homes were listed, it would take 3.34 months to sell all current listings. On average, homes are taking 24 days to sell.

Mississauga Real Estate Market Stats

In May 2024, Mississauga’s average sale price for all home types fell by 3.9% to $1,096,142 compared to last year. Sales volume declined by 23.7%. Interestingly, condo prices in Mississauga rose by 1.5%, reaching $645,616, though the number of condo sales dropped by 17.9%, with 183 condos sold. The market holds 2.91 months' worth of inventory, indicating that if no new homes were listed, current listings would sell out in 2.91 months. Listings are averaging 23 days on the market.

Oakville Real Estate Market Stats

May 2024 brought a 2.4% increase in Oakville’s average sale price for all home types, now at $1,591,978, despite a 20.2% decrease in the number of sales. Condo prices decreased by 4.7% to $760,603, with a significant 39.4% drop in condo sales, totalling 40 transactions. Oakville has 3.34 months of inventory available, suggesting all homes would be sold in 3.34 months if no new listings were added. The average time for listings to sell is 23 days.

Durham Real Estate Market Stats

In May 2024, the Durham Region saw a 3.4% decline in the average sale price for all home types, now at $954,942. The number of sales decreased by 15%. Condo prices dropped by 2.7% to $569,142, with condo sales falling 23.6% to 55 transactions. The region holds 2.08 months of inventory, indicating it would take 2.08 months to sell all current listings without new additions. Listings are averaging 18 days on the market.

York Region Real Estate Market Stats

May 2024 revealed a 2.7% drop in the average sale price for all home types in the York Region, now at $1,340,032, with a significant 29.6% decrease in sales volume. Condo prices fell by 2.3% to $700,815, and condo sales dropped by 31.3%, totaling 228 transactions. York Region has 3.28 months of inventory available, indicating that current listings would be sold out in 3.28 months if no new homes were listed. Listings are averaging 23 days on the market.

Brampton Real Estate Market Stats

In May 2024, Brampton’s average sale price for all home types dropped by 9.8% to $1,002,608 compared to last year, with a 34.8% decline in sales. Condo prices fell by 6.6% to $532,221, with condo sales plummeting by 48.2%, resulting in 29 condos sold. The market has 3.31 months of inventory, meaning it would take 3.31 months to sell all current listings if no new homes were listed. Listings in Brampton are taking an average of 21 days to sell.

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