Toronto Housing Market Sees Largest Sales Surge in Ten Months as Prices Slide

TORONTO, June 3 (Reuters) – Greater Toronto Area residential sales experienced their most significant monthly jump in nearly a year during May, driven by better affordability, even as home values continued their downward trend, according to data released Wednesday by the Toronto Regional Real Estate Board (TRREB).

Key highlights from the report include:

• Sales Volume: After adjusting for seasonal variations, the number of homes sold rose by 10% in May compared to April, reaching 5,364 units. This marks the third consecutive month of growth and represents the strongest performance since July of last year.
• Price Trends: The TRREB’s composite home price index dipped slightly by 0.2% month-over-month, settling at C$927,800 (US$670,569.53). This minor decline follows April’s flat reading, which had halted a previous streak of ten consecutive monthly drops.
• Regional Scope: The Greater Toronto Area comprises Toronto, Canada’s most populous city, along with four neighboring regional municipalities.
• Market Outlook: Daniel Steinfeld, president of the TRREB, noted that spring activity outperformed the previous year. “This reflects improved affordability stemming from lower selling prices and borrowing costs,” Steinfeld stated.
• Future Predictions: Steinfeld predicted further sales improvement in the second half of the year. He added that any recovery would likely be strengthened by favorable developments in trade negotiations and a reduction in geopolitical tensions and associated uncertainty.
• Economic Context: Canada is currently navigating uncertain talks to renew a continental trade agreement that has previously protected its exports from U.S. tariffs. Additionally, global inflationary pressures have been exacerbated by soaring energy prices linked to the conflict in the Middle East.

On an annual basis, home sales increased by 6.3%, while new listings fell sharply by 18.9%. The year-over-year price index declined by 6.7%.

($1 = 1.3836 Canadian dollars)

(Reporting by Fergal Smith; Editing by Rod Nickel)

Source: Yahoo News Generated at: 2026-06-03 11:32:05 UTC