Home sales in the Greater Toronto Area remained weak in May while inventory levels were up — giving more negotiating leverage to potential homebuyers.
The Toronto Regional Real Estate Board says 6,244 homes were sold in May, down 13.3 per cent year-over-year.
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Meanwhile, new listings reached 21,819 last month, up 14 per cent year-over-year.
The board’s chief information officer Jason Mercer says even as average selling prices and borrowing costs have come down from last year, softening economic confidence is affecting home-buying decisions.
Mercer says once households are convinced that trade stability with the United States has been restored, home sales will pick up again.
The average selling price decreased four per cent compared with a year earlier to $1,120,879, and the composite benchmark price, meant to represent the typical home, was down 4.5 per cent year-over-year.1
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