In May 2024, GTA real estate sales edged down 1.4% from last month and dropped by 21.7% from last year. Although prices were up slightly from April, they were down 2.5% over the last year.
The price of most home types were generally stable but semi-detached homes experienced the greatest growth of 3% over the last month. We have also seen the number of active listings almost double in the last 3 months while sales have only gone up by 25%.
Growth of supply continued to outpace growth of demand. During this time last year, interest rates began to increase leading to sharp declines in price and volume. Many are anticipating rates to decrease or stay steady, so we may not see as dramatic a drop as last year.