GTA home sales rise 6.3% while prices drop and inventory stays plentiful
May market shows first meaningful sales increase this year as average price falls to $1.07 million. Buyers still have the upper hand.
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Home sales in the GTA rose 6.3 percent year-over-year in May as prices continued to slide and inventory remained abundant, signalling conditions continue to favour buyers.
The average GTA home price fell 4.6 percent to roughly $1.07 million from $1.12 million a year ago. Sales increased to 6,583 recorded in May, while listings dropped 18.9 percent from last year.
This marks the first meaningful increase in Canadian home sales this year. A 5.5 percent month-over-month rise was recorded across Canadian MLS systems in May, largely driven by stronger activity in larger markets including Ontario and British Columbia.
Brittany Kostov, Senior Director of Sales and Agent Programs at Zoocasa, said the increase is encouraging buyers off the sidelines. Although sales are climbing, the ratio of available listings to buyer interest still favours those shopping. "It's encouraging the confidence for those, especially first-time home buyers, to step away from the sidelines and look at this opportunity," Kostov said.
The expert also cited the arrival of summer as a deciding factor, noting the real-estate market tends to slow during colder months. A delayed spring followed by warmer weather may be prompting buyers to act now rather than wait longer.