06/13/2022
The Toronto Regional Real Estate Board (TRREB) has released the MLS sales data for May 2022. With 7283 home sales reported, transactions decreased 38.8% year-over-year and 9% from the previous month.
New listings were up slightly from the same time last year. At month’s end, there were 15,433 active listings, a gain of 26% from a year earlier, and representing a 2.1-month supply as we head into June. The number of months of inventory remains at its highest levels in two years and is trending upwards.
More balanced conditions are providing buyers with more options and improved negotiation power. As a result, while average selling prices are up year- over-year, they have come down on a month-to- month basis.
Recent increases in lending rates, including the 50-basis point hike on June 1st, are affecting buyers, with many waiting to see the overall impact on housing prices. That said, as buyers adjust to higher borrowing costs and an improved negotiating position, we anticipate demand for housing will be supported by a strong job market and rising immigration.
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