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By The Numbers 

The Toronto Real Estate Boards statistics year over year for the month of May. 

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7,283

TREB Sales 

May 2022

11,903

TREB Sales 

May 2021

$1,212,806

TREB Average 

May 2022

$1,108,124

TREB Average Price May 2021

May Numbers 2022

  • Number of Sales 2022
    7,283 | -38.8%
  • Number of Sales 2021
    11,903
  • Number of New Listing 2022
    18,679 | +0.5%
  • Number of New Listings 2021
    18,593
  • Number of Active Listing 2022
    15,433 | +26.0%
  • Number of Active Listings 2021
    12,247
  • Average Price 2022
    $1,212,806| +9.4%
  • Average Price 2021
    $1,108,124
  • Average Days on the Market (DOM) 2022
    12 Days | +9.1%
  • Average Days on the Market (DOM) 2021
    11 Days

TREB Market Summary

Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month-over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.

''Bank of Canada rate hikes, including the 50-basis point hike on June 1, are impacting home buyers in the short term. There is now a psychological aspect where potential buyers are waiting for a bottom in price. This will likely continue through the summer. However, as home buyers adjust to higher borrowing costs, housing demand will be supported by extremely low unemployment, high job vacancies, rising incomes and record immigration,'' said TRREB President Kevin Crigger.

GTA REALTORS reported 7,283 sales through TRREB's MLS System in May 2022 - down 38.8 percent compared to May 2021 and down nine percent compared to April 2022. The number of new May listings was similar to last year's level and edged up on a month-over-month basis. With sales down and new listings trend flat to slightly up, the number of active listings was up on a year-over-year basis by 26 percent.

Market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4 percent. The MLS Home Price Index Composite Benchmark was also up on a year-over-year basis by 23.9 percent. On a month-over-month basis, both price metrics were lower, reflecting more balanced market conditions.

''Price trends observed over the past three months - both in terms of moderating annual growth rates and the recent month-over-month dips - are in line with TRREB's forecast for 2022. After a strong start to the year, the current rate tightening cycle has changed market dynamics, with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power,'' said TRREB Chief Market Analyst Jason Mercer.

Breaking Down The Numbers

Sales Numbers, average price  percentage changes over the same time last year.

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Detached

$1,549,498 | +9.5%

3,366 | -40.9%

Townhouse

$977,194 | +12.7%

1,251 | -42.4%

Semi Det. 

$1,204,893 | +13.2%

752 | -38.9%

Condo Apt.

$770,894 | +12.9%

1,848 | -31.6%

Number of Sales

Year-Over-Year Percent Change

  • 416 - Detached
    814 | -34.8%.
  • 905 - Detached
    2,552 | -42.6%
  • 416 - Semi Detached
    316 | -29.1%
  • 905 - Semi Detached
    436 | -44.4%
  • 416 - Townhouse
    267 | -47.9%
  • 905 - Townhouse
    984 | -40.8%.
  • 416 - Condos
    1,264 | -32.5%
  • 905 - Condos
    584 | -29.5%

Average Price

Year-Over-Year Percent Change

  • 416 - Detached
    $1,914,890 | +11.5%
  • 905 - Detached
    $1,432,951 | +7.8%
  • 416 - Semi Detached
    $1,426,273 | +7.5%
  • 905 - Semi Detached
    $1,044,443| +14.1%
  • 416 - Townhouse
    $1,045,874 | +10.4%,
  • 905 - Townhouse
    $958,558 | +13.8%
  • 416 - Condo
    $793,124 | +10.5%
  • 905 - Condo
    $722,778 | +19.7%.

Economic Indicators

  • Real GDP Growth | Q1 - 2022
    Down | 3.1%
  • Toronto Employment Growth | April 2022
    Up| 8.6%.
  • Inflation Rate (Yr/Yr CPI Growth) | April2022
    Up | 6.8%
  • Toronto Unemployment Rate | April 2022
    Down | 6.3%
  • Bank of Canada Overnight Rate | May 2022
    Unchanged | 1.00%
  • Prime Rate | May 2022
    Unchanged | 3.20%
  • Mortgage Rates May 2022 (1yr/3Yr|5Yr)
    3.79% | 4.49% | 5.39%
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