The May market stats were released by TRREB last week, and as anticipated the Toronto housing market is starting to see a cool down after a red hot start to 2021.
During May, 11,951 homes were sold in the area, down from 13,663 in April. This represents a 13% decrease compared to the previous month.
Despite the month-over-month decrease, home sales in Toronto increased by 4,594 compared to the same time period last year.
As expressed in previous market updates, the year-over-year increases are not surprising since it was around this time last year that the market was on pause during the COVID-19 health crisis.
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