The Toronto Regional Real Estate Board (TRREB) has released its May housing data. Market conditions continued to tighten compared to last year, with sales posting a third consecutive month of year-over-year gains and new listings declining for the fourth month in a row. Selling prices remained lower from a year ago, building on the improved affordability that has spurred market activity throughout the spring.
A total of 6,583 home sales were reported through the MLS, up 6.3% compared to May 2025. New listings fell 18.9% year-over-year to 17,698, the steepest decline of the spring season. Active listings declined to 26,927, down 13.3% from last year. Months of inventory for the region tightened to roughly 4.1, down from 4.2 in April and 4.3 in March. This reflects the steady drawdown of supply in this spring market.
The average GTA home price sold for $1,069,700, representing a 4.6% year-over-year decline. The MLS Home Price Index (HPI) Composite Benchmark was down 6.7% across the GTA (-5.4% in Toronto), holding near April's 6.6%, suggesting the downward pressure on pricing is beginning to taper off. Listings sold in an average of 27 days on market, up 8.0% from a year ago, with final sale prices coming in at 98% of the asking price.
Sales by Property Type
Detached: $1,358,131 (↓ 4.7% year over year / ↓ 1.1% month over month)
Semi-detached: $1,067,672 (↓ 2.9% YoY / ↑ 3.3% MoM)
Townhomes: $840,608 (↓ 7.1% YoY / ↑ 0.1% MoM)
Condominiums: $639,468 (↓ 6.4% YoY / ↑ 0.6% MoM)
Detached homes accounted for the largest share of May sales (49.2%), followed by condominiums (23.3%), townhomes (17.0%), and semi-detached properties (9.2%). Three of the four property types posted gains in sales volume year-over-year, with semi-detached the lone exception. Three of four showed month-over-month price increases, with pricing finding a floor as inventory tightens.
May marks the third consecutive month of year-over-year sales gains, and the fourth straight month of meaningful declines in new listings. With borrowing costs lower than last year, and the Bank of Canada overnight rate holding at 2.25%, the conditions for sustained activity remain in place. However, buyers continue to weigh broader economic uncertainty in their decisions. If the supply trend holds, price stabilization heading into 2027 becomes a reasonable expectation.
If you are planning to buy or sell this spring or summer, recognizing how these conditions play out at the neighbourhood level is essential. As the market continues to evolve, a thoughtful strategy and clear understanding of the relevant housing data will help to ensure a successful outcome. A Harvey Kalles Real Estate sales representative can help you navigate these conditions with clarity, experience, and a strategy tailored to your goals.