TORONTO – The Toronto Regional Real Estate Board says home sales in the region improved in May compared with April, but remained less than half of what they were a year ago due to the pandemic.
The board says there were 4,606 sales in the Greater Toronto Area through its MLS system in May, down 53.7 per cent compared with a year earlier.
However, sales in May were up 55.2 per cent compared with April.
The average selling price was $863,599, up three per cent compared to May 2019.
The number of new listings totalled 9,104, down 53.1 per cent compared with year ago, but up 47.5 per cent on a month-over-month basis.
Board president Michael Collins says that if the gradual re-opening of the economy continues, it is possible that home sales will continue to improve in the coming months.