The latest numbers for May show a market that continues to rebalance.

The average selling price across the GTA was $1,120,879, down 4.0 percent from May 2024. Sales were also down, with 6,244 homes sold last month — a 13.3 percent year-over-year decline.

On the supply side, new listings reached 21,819, marking a 14.0 percent increase compared to last year. Active listings climbed even higher to 30,964 — a 41.5 percent jump. Homes are taking longer to sell as well, with the average days on market now sitting at 25, up significantly from a year ago.

Overall, buyers have more choice and time than they’ve had in recent years. Conditions have shifted away from the urgency we saw during the peak pandemic market. There’s less competition, and in many cases, more room to negotiate.

For sellers, strategy is critical. With more inventory available, standing out requires proper pricing, preparation, and marketing. Homes that show well and are aligned with current market expectations are still moving — but the days of immediate multiple offers are increasingly rare.

Economic factors are also influencing decision-making. With uncertainty around interest rates and the upcoming federal election, many are taking a wait-and-see approach. That said, any shift in the interest rate environment could bring renewed activity.

As always, market conditions vary by price point and location. If you’re considering a move or want to understand how these trends may affect your plans, I’m happy to provide a tailored perspective based on your goals.