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Greater Toronto home sales fall in May as listings rise

In May, home sales in the Greater Toronto Area (GTA) dropped by 6.9% compared to April, while the number of new listings increased by 10% during the same period. This trend indicates a cooling real estate market, where more homeowners are looking to sell, but fewer buyers are making purchases.

According to the Toronto Regional Real Estate Board (TRREB), there were 9,012 home sales in May, a significant decline from the previous month. However, when compared to May 2022, sales were up by 24.7%, showing a year-over-year improvement despite the monthly downturn.

The rise in new listings has provided more options for potential buyers, which could be a factor in the decreased urgency to purchase homes quickly. Jason Mercer, TRREB’s Chief Market Analyst, mentioned that higher borrowing costs are influencing buyer decisions, making them more cautious and deliberate in their purchasing choices.

Additionally, the average selling price of homes in the GTA slightly increased to $1,196,101, up by 1.4% from April. Despite the monthly increase, prices are still down by about 1.2% compared to May last year. This slight price uptick amidst declining sales suggests that while demand has softened, it hasn’t led to significant price drops, partly due to the ongoing lack of housing supply relative to the growing population.

Experts believe that the current market trends are influenced by higher interest rates and economic uncertainties, which are making both buyers and sellers more hesitant. The increase in listings might be a sign that more homeowners are looking to capitalize on still-high home prices before any potential market corrections.



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