On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s May 2022 real estate market watch, with info on prices & trends in the region's housing market. VIP's report will provide information such as an overall real estate market outlook, updates & news from May 2022 - as well as specific info on both condo and home prices in the GTA:
Real Estate Market Watch: Residential Transactions
- 7,283 residential home transactions took place in May 2022, down from 11,903 in May 2021 - a decrease of 38.8%.
- When seasonal adjustments are taken into account, there was a 9.3% decrease in the number of purchases from April 2022 (6,842) to May 2022 (6,207).
May 2022 Real Estate News: Average Selling Prices
- The average sale price for May 2022 was $1,212,806. This is an increase of 9.4% over May 2021, when it was $1,108,124.
- The average price for homes in the Greater Toronto Area went down by 3.1% compared to the previous month (from $1,214,077 to $1,176,368).
Monthly Market Update: New Listings
- There were 18,679 listings available for May 2022, which is a 0.5% increase from May 2021 (when there were 18,593).
- The sales-to-listings ratio has decreased by 25% from May 2021, from 64% to 39%.
Real Estate Market Watch for May 2022: Days On The Market
- The average property spent 18 days on the market, compared to 15 last year - an increase of 20%.
- Listings spent an average of 12 days on the market, which is a 9.1% increase from this month last year (when they spent an average of 11).
Click Here To Read TRREB's May 2022 Real Estate Market Watch Report for Both Homes and Condos
In order for you to use these monthly market updates to your advantage, our informative guide for buying pre-construction properties can be found under the Resources tab in the top right corner of this page. It will answer common questions such as:- How do I get my down payment?
- Can I use my RRSP for my down payment?
- How can I make the profits from my pre-construction purchases tax-free?
- What type of home or mortgage can I afford?
- Which incentives are available for first-time buyers?
- What is a PDI?
- What are the pros & cons of buying or selling an assignment before closing?
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