The spring market surge may be starting to taper, as real estate sales dipped below last month’s levels across all home types. The market as a whole, however, continues to improve over the long term with activity up on an annual basis.
Detached houses led the market in sales increases with a total of 127 transactions – up 27 per cent from the same month in 2018, though down by the same percentage compared to May 2019. Semi-detached home sales followed with 48 transactions, marking a 17 per cent year-over-year increase, and a -47 per cent month-over-month decline.
Demand was softest for townhouses which typically have a smaller volume of sales, leading to more volatile swings in activity. A total of 24 townhomes changed hands, a slight 4 per cent increase from last year, but down -44 per cent from last month. Meanwhile, the number of Toronto condos that sold was the highest of all home types at 155 units. Condos saw the slowest pace of year-over-year growth of just 1 per cent, while dipping -38 per cent below May activity.