On this page, you can find VIP Condos Toronto's summary of the Toronto Regional Real Estate Board (TRREB)'s May 2024 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 2024 - as well as specific info on both condo and home prices in the GTA.

Real Estate Market Watch: Residential Transactions

• 7,013 residential home transactions took place in May 2024, down from 8,960 in May 2023 - a decrease of 21%.
• There was a 1.8% decrease in the number of purchases from April 2024 (5,264) to May 2024 (5,167).

 

May 2024 Real Estate News: Average Selling Prices

• The average sale price for May 2024 was $1,165,691. This is a decrease of 2.5% from May 2023, when it was $1,195,409.
• The average price for homes in the Greater Toronto Area saw a 0.3% increase compared to the previous month (from $1,107,435 to $1,111,077).

 

 Monthly Market Update: New Listings

• There were 18,612 listings available for May 2024, which is a 21.1% increase from May 2023 (when there were 15,363).
• The sales-to-listings ratio has decreased by 23% from May 2023, from 58% to 38%.

 

Real Estate Market Watch for May 2024: Days On The Market

• The average property spent 28 days on the market, compared to 20 last year - an increase of 40%.
• Listings spent an average of 19 days on the market, which is a 35.7% increase from this month last year (when they spent an average of 14).

   

Click Here To Read TRREB's May 2024 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?

 We at VIP Condos are pleased to offer further information regarding outlooks & prices in the GTA's home & condo markets - both for May 2024 and beyond. Check out our full series of real estate market watch reports.