In a market demonstrating ongoing resilience, May recorded 3,092 resale home sales. Although this figure is nearly 1% below last year's record high, it remains 34% above long-term trends for the month. The slight decline in sales was mainly due to a reduced supply of lower-priced detached and semi-detached homes compared to last year.
"Although new listings have increased, much of this growth is in higher price ranges for each property type," said Ann-Marie Lurie, Chief Economist at CREB®. “Our strong economic situation has supported sales growth in these higher price ranges. However, this month's sales could not offset the declines in the lower price ranges due to a lack of supply choice."
In May, new listings reached 4,333 units, almost 19% higher than last year. This increase in new listings compared to sales caused the sales-to-new-listings ratio to drop to 71%, contributing to a modest year-over-year inventory gain. Despite this, inventory levels remained nearly half of what is typically seen in May, with most gains driven by homes priced above $700,000.
While inventories did improve this month, conditions still favour sellers with only one month of supply. Several districts continue to report less than one month of supply, while the City Centre reported the highest supply-to-sales ratio at one and a half months. Seller market conditions drove price growth across all city districts. The unadjusted total residential benchmark price in May reached $605,300, nearly 1% higher than last month and 10% higher than last May.
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