Home prices in Toronto hit an all-time high in May even as sales pulled back during the month.
The average price of all homes sold across the Greater Toronto Area (GTA) reached $1,108,453 in May, according to data released by the Toronto Regional Real Estate Board (TRREB). The previous record was set in March of this year, at just under $1.1 million.
The record was reached despite a break from a trend that TRREB noted has often made May the busiest month for sales in Toronto's housing market. Almost 12,000 properties traded hands across the GTA last month, which was a 160% increase from a year earlier but less than the 13,663 homes sold in April.
In a news release, TRREB said tighter inventory levels were largely responsible for propelling prices to all-time highs in May. Active listings in the month rose just 7% year-over-year.
Activity was consistent across all property types in May, as sales of detached houses, semi-detached houses, townhouses and condominiums more than doubled on a year-over-year basis but slumped compared to April.
Canadians' willingness to pay up for more space was evident as the average selling price for a coveted detached home in the GTA reached $1,415,698 in May. That was a slight increase from April and a 37% rise compared to May 2020.
Vancouver Home Sales Down 13% From April
Meanwhile, the housing market in Metro Vancouver cooled off in May although sales remained active.
The Greater Vancouver Real Estate Board said 4,268 homes changed hands across the region in May, a 13% drop compared with April. While May didn't match record-breaking activity seen earlier in the spring, the board said transactions were still 187.4% higher than May of last year.
Vancouver home sales in May were 27.7% above the 10-year sales average for May and listing activity remained above the long-term average.
The benchmark price for a detached home in Vancouver is now just over $1.8 million, a 22.8% year-over-year increase and a 1.7% rise since April. Condo and townhome prices nudged up 1.2% and 1.8% respectively.
The board said the seller's market continues, with board data showing the number of sales to listings remains between 30% and 53% for all types of properties, far above the 12% ratio that can lead to a dip in prices.
