Toronto Home Sales Lower Than March Peak

Although the month of May typically has the strongest residential sales and they remained high in May 2021, they fell short compared to the 2016 record and below this March’s peak. The Toronto Real Estate Board (TRREB) reported 11,951 sales in May, more than double the result from the second full month of the pandemic in May 2020. However, May 2021 sales were below the May 2016 record of 12,789, but remained well above the average May sales from 2010 through 2019. “In the absence of a normal pace of population growth, we saw a pullback in sales over the past two months relative to the March peak,” says Lisa Patel, president at TRREB. While sales have trended off the March 2021 peak, so too have new listings. This means that people actively looking to purchase a home continue to face a lot of competition from other buyers.