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Residential property sales across the Greater Toronto Area (GTA) rose sharply in the past month, marking the strongest monthly increase in nine months, while prices showed signs of stabilisation following a prolonged decline. Seasonally adjusted transactions reached 4,829 units, reflecting a 6.1% rise over the previous month and the second consecutive monthly gain. The region’s home price index remained largely unchanged at CAD 929,300 (USD 682,105), ending a ten-month downward trend. On an annual basis, sales increased by 7%, even as new listings declined by 9.3% and prices remained lower by 6.6%. The improvement in activity has been attributed to relatively improved affordability conditions, drawing buyers back into the market across Canada’s largest metropolitan housing region.
Residential property sales in the Greater Toronto Area recorded their strongest monthly increase in nine months in the past month, supported by stabilising prices and relatively improved affordability conditions, according to data released by the Toronto Regional Real Estate Board. The uptick marks the second consecutive month of growth in transactions across Canada’s largest urban housing market. Advertisement
Seasonally adjusted sales rose by 6.1% compared to the previous month, reaching 4,829 units. This represents the most significant monthly gain since mid-last year, signalling a gradual return of buyer activity following a period of subdued demand. The improvement in sales volumes comes after several months of declining prices, which appear to have moderated in the latest data.
The home price index for the region remained largely unchanged on a month-on-month basis, after seasonal adjustment, at CAD 929,300 (USD 682,105). This stabilisation breaks a sequence of ten consecutive monthly declines, indicating that the market may be entering a phase of price consolidation after sustained correction.
On a year-on-year basis, transaction volumes increased by 7%, suggesting a broader recovery in market participation compared to the same period last year. However, supply conditions reflected some tightening, with new listings declining by 9.3% over the same period. Prices, while stabilising in the short term, remained 6.6% lower than a year earlier, highlighting the extent of the previous correction cycle.
The Greater Toronto Area, which comprises the city of Toronto and four surrounding regional municipalities, remains the country’s most active residential market and a key indicator of national housing trends. The recent shift in activity levels suggests that improved affordability, driven primarily by earlier price corrections, has encouraged buyers to re-enter the market.
Officials from the real estate board indicated that buyer interest had strengthened during the spring period, supported by relatively lower home prices compared to previous highs. This has contributed to increased transaction volumes despite a reduction in fresh supply entering the market.
While the latest data points to stabilisation in pricing and a recovery in sales momentum, the market continues to reflect the after-effects of earlier declines. The balance between supply and demand remains a critical factor, particularly as reduced listings could influence pricing dynamics in the coming months.
Overall, the latest figures suggest that the Greater Toronto housing market is transitioning from a correction phase towards a more stable operating environment, with improved affordability conditions playing a central role in supporting demand.
Source- Reuters
5th Jun, 2025
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