After several months of frenzied activity in the GTA, the number of sales in the region has declined for the second consecutive month (TRREB). Despite an apparent cooling in the market, the 11,951 sales recorded in May 2021 total more than double the result from May 2020. 18,586 listings were reported in May, also more than double the pandemic lows of 9,126 recorded in May 2020.
Average GTA selling prices increased dramatically in May by 28.4% YoY and reaching a record of $1,108,453, and increased by 1.1% MoM. This means that people looking to purchase a home continue to face a lot of competition, which results in very strong upward pressure on selling prices.
This competition is becoming more widespread with tighter market conditions in the condominium apartment segment as well.