May - We're Back Baby!!
It's in the books now... May was the market's turning point as the GTA real estate market took off in a delayed spring market.
Sales across the board for both houses and condos showed big increases compared to one year ago and even one month ago.
The one facet of the market that did not increase was the listing inventory... it continued to show declines from 2022.
Average sale prices also climbed... the May overall market average was higher than the 2022 year-end average sales price for the first time in 2023.
May also saw downtown condo sales increase by big double-digit numbers compared to one year ago.
Here’s a ‘highlights’ summary of the significant real estate milestones across the entire Toronto Real Estate Board territory and in the City of Toronto specifically for MAY 2023 as we move through the spring market.
Across the entire TRREB Board, MAY sales (9,012) were 24% above last year and not far off the sales numbers from previous years
Active Listings (11,868) however were 23% below those in 2022 and many previous years
The ratio of sales-to-listings increased to 76% in May– statistically definitely in seller’s market territory
The May average sale price came in at $1,196,101– a fractional decline of -1.2% from one year ago AND the highest it’s been since May 2022
The GTA real estate market ‘velocity’ overall has increased to 14 days-on-market
Detached home sales in May 2023 with a purchase price over $2,000,000 were higher by 21% (672 houses) while condo apartment sales over $2M were up by 100% (38 suites) compared to May 2022
The CONDO townhouse / highrise share of the market came in at 36.3% during the month and overall condo sales (3,268) increased by 38% from 2022
In the City of Toronto only, detached house sales (970) increased by 19% from 2022 while the average detached sale price ($1,913,132) was identical to May 2022
Similarly, May Toronto semi-detached sales (286) dropped by -9% year-over-year while the average semi sale price ($1,398,821) declined just -2%
Downtown condo active listing numbers were down by -12% in C01 and -4% in C08 from last year
May year-over-year downtown condo sales increased in both C01 (+25%) and in C08 (+52%) compared to 2022 with 3-month rolling average sale prices showing declines of -8% in C01 and -9% in C08
The downtown condo days-on-market average averaged between 18 & 17 days in both C01 and C08
The May ratio of sales-to-listings for condos downtown stayed steady in both C01 (48%) and in C08 (47%) – almost the same as in April
The rental market continues to be a challenge for tenants as the demand continues to outpace supply.
In the 905 district, May saw average detached home prices flat compared to 2022 while condo apartment prices in the 905 districts still showed a decline year-over-year of -6%. Sales here showed big increases (+22% and +50%) from one year ago
Thomas@LivingInToronto.com
647-962-1650