May Home Sales Better Than April

There were 4,606 home sales in the Greater Toronto, ON, Area (GTA) in May, says the Toronto Regional Real Estate Board (TRREB). This was down 53.7 per cent compared to May 2019. While the number of sales was down substantially on a year-over-year basis due to the continued impact of COVID-19, the decline was less than the 67.1 per cent year-over-year decline reported for April. Compared to April, May sales increased 55.2 per cent. The number of new listings was down by a similar annual rate to that of sales, dipping by 53.1 per cent to 9,104. On a month-over-month basis, actual new listings were up by 47.5 per cent. “Providing we continue to see a gradual re-opening of the economy, it is very possible that home sales will continue to improve in the coming months,” says Michael Collins, president of TRREB. “As we move toward recovery, the housing sector will be a key driver of growth as consumer confidence increases and more households look to take advantage of very low borrowing costs.”