The May market report is out!
As we experienced a cool May, we are finally getting a taste of summer as we get into the Month of June. The Toronto Regional Real Estate Board's (TRREB) sales figures for May were recently released showing an improvement in affordability relative to May of last year. With sales down and listings up across the GTA, homebuyers have generally benefited from increased choice and improved affordability so far this year. However, each neighbourhood and market segment comes with its own unique dynamics and nuances.
TRREB reported 6,244 home sales through the MLS System in May 2025, down by 13.3% compared to May 2024. Home sales in May were up month-over-month compared to April 2025, this was the second monthly increase in a row. The average selling price, at $1,120,879, was down by four per cent compared to May 2024.
TRREB’s Chief Information Officer Jason Mercer stated that home ownership costs are more affordable this year compared to last. Average selling prices are lower, and so too are borrowing costs. All else being equal, sales should be up relative to 2024. The issue is a lack of economic confidence. Once households are convinced that trade stability with the United States will be established and/or real options to mitigate our reliance on the United States exist, home sales will pick up.
Available condominium units for sale are currently at just over seven months of inventory, offering greater affordability and more choice for first-time buyers and investors. This increased selection and improved affordability present excellent opportunities to purchase or invest in today’s condo resale market across the GTA.