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June 3, 2020

TRREB RELEASES MAY RESALE HOUSING MARKET REPORT

For a breakdown of TRREB’s MLS® System housing figures for May, including sales, prices, and condo apartment rental transactions,  view the latest Market Watch by the numbers report, housing market charts and infographic here.

TRREB RELEASES MAY RESALE HOUSING MARKET REPORT

Toronto Regional Real Estate Board President Michael Collins released the following key housing market statistics for May 2020:

TRREB MLS® System Sales and New Listings

  • Greater Toronto Area REALTORS® reported 4,606 sales through TRREB’s MLS® System in May 2020. This result was down by 53.7 per cent compared to May 2019.
  • While the number of sales was down substantially on a year-over-year basis due to the continued impact of COVID-19, the decline was less than the 67.1 per cent year-over-year decline reported for April 2020.
  • On a month-over-month basis, actual and seasonally adjusted May sales were up substantially compared to April Actual May 2020 sales increased by 55.2 per cent compared to April 2020. After accounting for the regular seasonal increase that is experienced each year between April and May, seasonally adjusted sales were up by 53.2 per cent month-over-month.
  • The number of new listings entered into TRREB’s MLS® System in May was down by a similar annual rate to that of sales, dipping by 53.1 per cent to 9,104. On a month-over-month basis, actual new listings were up by 47.5 per cent. “While the public health and economic concerns surrounding COVID-19 continue to impact the housing market, the May sales result represented a marked improvement over April.  TRREB released updated IPSOS consumer intentions polling results in May that indicated that 27 per cent of GTA households were likely to purchase a home over the next year.  Providing we continue to see a gradual re-opening of the economy, it is very possible that home sales will continue to improve in the coming months,” said Mr. Collins.  “As we move toward recovery, the housing sector will be a key driver of growth as consumer confidence increases and more households look to take advantage of very low borrowing costs.  It will be important for policy makers at all levels of government to continue, and indeed enhance their efforts to bring on line a greater diversity of ownership and rental housing supply.  This will help avoid the pace of home price growth accelerating to unsustainable levels,” said TRREB CEO John DiMichele.

DOWNLOAD YOUR COPY OF THE COMPLETE RELEASE TODAY

Read the complete Market Watch Report for May 2020 here, a quick overview here.

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