GTA home sales down 22.2% compared to May of last year

TORONTO – The Toronto Real Estate Board (TREB) reports that May housing sales in the Greater Toronto Area were down 22.2 per compared to May of last year.

TREB says that while the number of sales was down year-over-year to 7,834 units, the annual rate of decline was less than reported in February, March and April, when sales were down by more than 30 per cent.

READ MORE: Toronto-area homes sales down 32% in April compared to a year ago

On a month-over-month basis, seasonally adjusted May sales were basically flat compared to April.

The average selling price for all home types combined was down by 6.6 per cent to $805,320.

READ MORE: Toronto-area home sales drop 39.5% from March 2017

But on a seasonally adjusted basis, the average selling price was up 1.1 per cent compared to the previous month of April.

As for the near future forecast, TREB Director of Market Analysis Jason Mercer says market conditions are becoming tighter in the GTA and this will provide support for home prices through the second half of 2018 and into 2019.

VIDEO: Toronto home sales drop by 39.5% compared to 2017