Toronto Regional Real Estate Board President Michael Collins, May 2020:
With public confidence creeping back after the Premier announced the beginning of Phase 1 re-opening in Ontario, the real estate market has responded with a jump in sales and average price when compared to the previous month.
TREB announced that Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. Down by 53.7 per cent compared to May 2019 due to the continued impact of COVID-19. However on a month-over-month basis, May sales were up substantially compared to April and increased by 55.2%. Actual new listings were up by 47.5%. The average selling price for all home types was up by 9.4% on a year-over-year basis. The average selling price was up 4.6% month-over-month compared to April.
The biggest factor in the price of Toronto Real Estate continues to be the lack of supply that has been prevalent for years.
The lull from the April market could be a short term market swing based on May’s sales. With the average number of listings down it could be a great time to sell with less inventory.