May Market Results

By: Marilyn Palmer

May Market Results

Tags: homes, Toronto, Mississauga, GTA, Burlington, home sales, condominiums, detached, average selling prices, buyers, sellers, real estate market

As the Bank of Canada increased the rates, many buyers have decided to put their home purchases on hold.  This is reflected in the sales for May 2022 and shows more balanced market conditions. Here are your results for the GTA and Burlington areas:
 

G.T.A. MAY MARKET RESULTS

G.T.A. REALTORS reported a drop in sales by 38.8% when compared to May 2021, and down 9% when compared to April 2022.  The number of listings was similar to last year's level and edged up on a month-over-month basis.  

Market conditions remained tight enough to support an overall average selling price of $1,212,806 for May 2022, representing an annual growth rate of 9.4%. 

"Price trends observed over the past 3 months - both in terms of moderating annual growth rates and the recent month-over-month dips - are in line with TRREB's forecast for 2022.  After a strong start to the year, the current rate tightening cycle has changed market dynamics with many potential home buyers putting their purchase on hold. This has led to more balance in the market, providing buyers with more negotiating power." said TRREB Chief Market Analysis Jason Mercer.

BURLINGTON MAY RESULTS

The sales activity for Burlington in May decreased by 23% when compared to the same period in 2021 as buyers sat on the sideline due to increase mortgage rates.  The number of new listings on the market increased by 23.6% and with the number of active listings a tthe end of May increasing by 69,4% buyers will have more choice and this may lead to further negotiation power.  For your full Burlington market report please click here.

"Overall, sales activity was below typical May levels likely due to buyers sitting on the sidelines as mortgage interest rates continue to rise," says RAHB President Lou Piriano.  "As increased inventory comes to the market, buyers have more selection, which may also lend to further negotiation power."