Greater Toronto real estate sellers are learning a lot can change in just one month. Toronto Regional Real Estate Board (TRREB) data shows the median sale price dropped in May. The majority of cities across the board are now seeing price declines as rates normalize.
The Median Sale Price of Greater Toronto Real Estate Fell $48,000 In May
Composite median sale price of Greater Toronto real estate took a dive. TRREB reported a median sale price of $1,050,000 in May, down -4.4% ($48,000) from a month before. It fell in most cities tracked within TRREB — two-thirds (65.9%), to be more precise. It’s hard not to agree there are weaknesses beginning to appear.
Greater Toronto Real Estate Saw Prices Drop As Much As $192,000 In One Month
The decline in the median sale price has been abrupt, to say the least. Six markets reported a drop in excess of $100,000 over just one month. Caledon leads lower with a median sale price of $1,330,000 in May, down 12.6% ($192,000) from a month before. Oakville, Canada’s most expensive market, followed with a median sale price lf $1,400,000, down 11.0% ($172,500) over the same period. Ajax experienced the third biggest drop with prices falling to $988,800, down 13.6% ($156,200) from April.
City of Toronto Real Estate Prices Were Mixed
The City of Toronto didn’t fall on either side of the extreme but didn’t outperform big markets either. In Toronto West, the median sale price increased to $1,009,100 in May, up 0.4% ($4,056) from April. Toronto Central wasn’t as lucky, with the median sale price falling to $866,000, down 1.8% ($16,250) over the same period. Toronto East fell even faster — down to $1,072,300, down 4.6% ($51,225) in a month.
It somehow miraculously adds up to TRREB reporting the City of Toronto’s median sale price flat at $980,000. Exactly the same as the month before, which one would assume is a near statistical impossibility. But sure, why not?
Not All Cities In Greater Toronto Saw Price Drops
Not all regions across Greater Toronto saw a falling median home price — one even made a six-figure increase. Adjala-Tosorontio (no idea where that is either) saw the median sale price rise to $1,225,000 in May, an increase of 8.9% ($100,000) for the month. Bradford-W Gwillimbury climbed to $1,200,000, up 6.2% ($70,000) over the same period. There were 14 of the 41 median sale price regions reported that showed a monthly increase in May.
A lot that can be unpacked with that data but the biggest takeaway is more expensive homes aren’t moving in Greater Toronto. At the same time, inventory has been rapidly rising.