TRREB Market
May home sales continued at low levels, especially in comparison to last spring’s short-lived pick-up in market activity. Home buyers are still waiting for relief on the mortgage rate front. Existing homeowners are anticipating an uptick in demand, as evidenced by a year-over-year increase in new listings. With more choice compared to a year ago, buyers benefitted from more negotiating room on prices.
Greater Toronto Area REALTORS® reported 7,013 home sales through TRREB’s MLS® System in May 2024 – a 21.7% decline compared to 8,960 sales reported in May 2023. New listings entered into the MLS® System amounted to 18,612 – up by 21.1% year-over-year.
The MLS® Home Price Index Composite benchmark was down by 3.5% on a year-over-year basis in May 2024. The average selling price of $1,165,691 was down by 2.5% over the May 2023 result of $1,195,409. On a seasonally adjusted monthly basis, the average selling price edged up slightly compared to April 2024.
🔍 Market Stats Quick Overview (Data compared to May 2023):
📎 Total Sales: 7,013 ⬇21.7%
📎 Avg Sold Price: $1,165,691 ⬇2.5%
📎 Avg DOM: 19 days ⬆35.7%
📎 New Listing: 18,612 ⬆21.1%
Source: https://trreb.ca
MREB’s Market
The number of homes sold through the MLS® System of the Mississauga Real Estate Board totaled 628 units in May 2024. This was a moderate increase of 1% from April 2024.
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite average price was $1,096,142 in May 2024, down modestly by 2.7% compared to May 2023.
Market Stats Quick Overview (Year to Date):
Total Sales: 2,667 ⬇1.44%
Avg Sold Price: $1,069,218 ⬆0.58%
Avg DOM: 34 days ⬆30.77%
New Listing: 5,846 ⬆26.32%
OMDREB’s Market
According to figures released June 6 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 12.3% for Single Family homes and 32.4% for Townhouse/Condo homes compared to May 2024.Median Sales Price decreased 2.5% to $1,462,500 for Single Family homes and 12.9% to $757,450 for Townhouse/Condo homes. The total number of new property listings increased 20.9% for Single Family homes and 28.2% for Townhouse/Condo homes compared to this time last year.
For homes processed through the OMDREB MLS® system, the number of Days on Market increased 63.6% for Single Family homes and 10.0% for Townhouse/Condo homes this May. Year over year, Inventory increased 68.2% for Single Family homes and 126.7% for Townhouse/Condo homes.
Waterloo Region Market
In May, a total of 742 homes were sold via the Multiple Listing Service® (MLS®) System of the Waterloo Region Association of REALTORS® (WRAR). This represents a decrease of 8.1% compared to the same period last year and a decline of 20.0% compared to the average number of homes sold in the previous ten years for the same month.
Total residential sales in May included 467 detached (down 1.3% from May 2023), and 134 townhouses (down 3.6%). Sales also included 82 condominium units (down 34.4%) and 59 semi-detached homes (down 13.2%).
In May, the average sale price for all residential properties in Waterloo Region was $818,507. This represents a 0.3% decrease compared to May 2023 and a 2.3% increase compared to April 2024.
Market Stats Quick Overview (Data compared to May 2023):
Total Sales: 742 ⬇8.1%
Avg Sold Price: $818,507 ⬇0.3%
Avg DOM: 16 days ⬆14.2%
New Listings: 1,644 ⬆28.9%
