GTA HOME SALES FOR MAY SUGGEST MARKET MIGHT HAVE PEAKED IN MARCH

Jun 03, 2021

By Bob Komsic

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May is traditionally the most active month in housing.

The Toronto Regional Real Estate Board (TRREB) says 11,951 sales last month were more than double the total from one year ago.
However, sales were down 13% compared with April.
”In the absence of a normal pace of population growth, we saw a pullback in sales over the past two months relative to the March peak,” says TRREB president Lisa Patel.
This trend has not trickled down to prices yet.
The largest year-over-year increases were in the suburbs and beyond.
South Simcoe County and Durham Region were up 34%, while Orangeville was up almost 30%.
Detached home sales continued to lead the way.
The average sale price rose slightly from April to a record $1,108,453 – a 28.4% gain from May 2020.
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