May’s market conditions trended towards being balanced based on the year over year average price growth. Despite a decrease of -53.1% in new residential listings, 9,104 properties were listed for sale. Sales activity was down -53.7% year over year with 4,606 sales recorded, though seasonally adjusted, there was an increase of 53.2% compared to April 2020. And the average selling price increased by 3% to $863,599 from May of last year.

In Toronto, the average sale price for detached homes increased by 2.7% to $1,422,273 and the average price for semi-detached homes rose by 8.8% to $1,144,322 despite activity being down by -59.7%. Townhouses experienced a nominal dip of -0.2% with average prices at $794,626 with activity down -55.1%. Condos saw an increase of 5% with average sale prices at $647,028, with sales activity being down -58%.

The commercial sector experienced a decrease of -18.2% in sales activity and leasing activity declined by -32.4% year over year for Q1. Retail lease rates were down -11%, however, office lease rates increased by 19%.

May’s market trends reflected a moderate pace of year over year growth which will likely continue as we move into the summer months and as continue into Phase 2 of the gradual reopening of the economy. With July just a few days away, June’s market update will give us a greater perspective on the market’s trajectory.