TRREB Market Report Highlights - May 2024
Home Sales Continue at Low Levels. Increase in New Listings.
Signs of Relief for Homebuyers?
- Compared to last May, GTA average home prices dropped 2.5 percent reaching an average of $1,195,409.
- The number of homes sold in the GTA totalled 7,013 compared to 8,960 sold last May, a notable decline of 21.7 percent.
- New listings entering the market amounted to 18,612, an increase of 21.1 percent.
- While interest rates remained high in May, many homebuyers continued to benefit from slightly lower selling prices than last year.
- With the Bank of Canada’s most recent interest rate cut - the first in more than 4 years! We expect more buyers to gradually enter the market as clear signs of declining mortgage rates continue over the next 18 months.
- As demand picks up, we will likely see a renewed upward pressure on home prices as competition between buyers increases.
Want more details? Check out TRREB's full report here.
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May 2024 vs. May 2023
May 2024 vs. April 2024
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