Toronto Real Estate Board says that total sales were down 22.2% in May compared to a year earlier; and the 7,834 homes sold meant little change from sales in April.
But, setting an optimistic tone, the board says that the decline is slower than in the previous three months with drops above 30%.
Semi-detached sales dropped the most across the TREB region (down 29.4%) but in the City of Toronto there was a larger decline for detached (down 30.4%). Condo sales were down 15.5% overall and down 13.8% in the City.
New listings were down 26.2% year-over-year making competition tighter for potential home buyers; however, prices were down with the average selling price of $805,320 down 6.6% from May 2017.
"Market conditions are becoming tighter in the Greater Toronto Area and this will provide support for home prices as we move through the second half of 2018 and into 2019. There are emerging indicators pointing toward increased competition between buyers, which generally leads to stronger price growth. In the City of Toronto, for example, average selling prices were at or above average listing prices for all major home types in May," said Jason Mercer, TREB's Director of Market Analysis.
By property type across the whole TREB region, detached home prices averaged $1,045,553, down 8.2% year-over-year; semi-detached declined 1.2% to $815,803; and townhouses dropped 2.5% to $640,543.
Condos were the only segment to see an increase with the average price rising 5.7% year-over-year to $562,892.