Spring Pause: Why May’s Market Felt Muted Despite 8% Sales Bump
Average Sale Prices of Detached Homes in May in Comparison to May of 2024:
• Toronto: -6.26% at $1,71M
• Vaughan: -7.30% at $1,67M
• Richmond Hill: -9.08% at $1,87M
• Mississauga: -5.69% at $1,47M
• Markham: -5.78% at $1,67M
• King City: -6.54% at $3.15M
• Newmarket: -5.45% at $1,24M
• Aurora: -8.02% at $1,56M
• Bradford: -9.30% at $1,12M
• Milton: -7.83% at $1,25M
• Stoufville: -12.66% at $1,43M
• Innisfil: +5.98% at $965,000
• Alliston: -11.96% at $835,000
• Burlington: -11.83% at $1,36M
• East Gwillimbury: -5.31% at $1,33M
• Barrie: -3.58% at $832,000
• Oakville: -1.24% at $1.95M
The May market showed signs of life, but not a full spring surge. While sales were up about 8% year-over-year, activity felt cautious and price-sensitive. High interest rates and economic uncertainty continue to shape a market where buyers are selective and overpriced listings sit longer than expected.
Average GTA sale price hovered around $1.14M, with detached homes in Toronto and the 905 averaging $1.72M. Condos held steady, averaging $730K GTA-wide. The new construction market remained quiet, with developers offering incentives to move product, especially in areas like North York and Vaughan.
The Bank of Canada held rates steady in May, and a potential rate cut later this year could finally boost buyer confidence. For now, the market remains balanced and driven by real demand, not speculation.
Thinking of buying or selling? Let’s talk strategy for the months ahead.
Thinking of buying or selling? Let’s talk strategy for the months ahead.
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