The slowdown in Toronto\u0027s housing market continued to slip away last month as home sales came in higher than they were a year ago.
However, the month also showed that supply is not keeping up with demand as new listings were still well below May 2022’s level.“The supply of listings hasn’t kept up with sales, so we have seen upward pressure on selling prices during the spring,” Mercer said.
The composite benchmark price was down by 6.9 per cent year-over-year in May, but up by 3.2 per cent on a seasonally-adjusted basis, when compared with April. Semi-detached homes were down slightly from a year ago at $1,198,185, while condo prices fell by three per cent over the same period to $748,483.
Ahead of TRREB’s release, Toronto broker Cailey Heaps said she had seen an increase in prices in the city’s central core.
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