Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and the City of Toronto specifically for MAY 2024 as we close out our spring real estate market
Across the entire TRREB Board, MAY sales (7,013) were a huge -22% below last year
Active Listings (21,720) however were +83% above those in May 2023-highest since 2013
The ratio of sales-to-listings dropped again during the month to 32% in May – edging further towards a neutral market
The May average sale price came in at $1,165,691– a -2% drop from the 2023 average one year ago
The GTA real estate market ‘velocity’ stayed constant at 19 days-on-market
Detached home sales in May 2024 with a purchase price over $2,000,000 were down by -22% (526 houses) while condo apartment sales over $2M were lower by -37% (24 suites) compared to May 2023
The CONDO townhouse / highrise share of the overall market was steady at 35% during the month and all condo-type sales (2,467) declined by -25% from 2023
In the City of Toronto only, detached house sales (851) slowed by -12% from 2023 while the average detached sale price ($1,826,370) declined by -5% compared to a year ago
In May Toronto semi-detached sales (274) were down by -4% year-over-year while the average semi sale price ($1,416,496) increased marginally by +1%
Downtown condo active listing numbers were up BIG time again… an increase of +101% in C01 and by +96% in C08 from last year
May year-over-year downtown condo sales declined both in C01 (-28%) and in C08 (-31%) compared to 2023
The downtown condo days-on-market average stayed relatively steady at between 25 & 26 days in both C01 and C08
The May ratio of sales-to-listings for high-rise condos downtown slid again this month into deep buyer market territory in both C01 (17%) and in C08 (17%), caused principally by the large increase in condo suite inventories
In the 905 districts, May saw average detached and condo apartment home prices decline by around -3% compared to 2023. Sales numbers were all negative (-22% houses / -26% condos) from one year ago
Although we did have a 0.25% Bank of Canada rate drop this month, I believe it will take a further 0.5% to 0.75% decline before we see stability in the market. Sellers are in a bit of a pickle but buyers, if they can afford it, have a distinct advantage right now
