Average price — Mean sale price across all transactions. Sensitive to the mix of homes that sold.
$1,212,806
MoM −$41,630 −3.3% down $41,630, 3.3% versus April 2022 YoY +9.4% up 9.4% versus May 2021
Source: TRREB MarketWatch, May 2022
Greater Toronto Area · TRREB MarketWatch
GTA Real Estate Market Report
May 2022
In May 2022 the average selling price across the Greater Toronto Area fell 3.3% to $1,212,806 versus April 2022, and sales dropped 9.1% to 7,283.
Headline indicators
All TRREB areas · all home types
Median price — The midpoint sale price. Less affected by a few very high or low sales than the average.
$1,050,000
MoM −$48,000 −4.4% down $48,000, 4.4% versus April 2022 YoY +11.1% up 11.1% versus May 2021
MLS® HPI benchmark — Quality-adjusted price for a typical home. The cleanest like-for-like price signal.
$1,261,800
MoM −$92,200 −6.8% down $92,200, 6.8% versus April 2022 YoY +23.9% up 23.9% versus May 2021
Sales — Firm transactions reported through the MLS® System during the month.
7,283
MoM −725 −9.1% down 725, 9.1% versus April 2022 YoY −39.1% down 39.1% versus May 2021
Dollar volume — Total value of all sales in the month.
$8.83B
MoM −$1,212,657,720 −12.1% down $1,212,657,720, 12.1% versus April 2022 YoY −33.3% down 33.3% versus May 2021
New listings — Properties newly listed during the month.
18,679
MoM +266 +1.4% up 266, 1.4% versus April 2022 YoY +0.5% up 0.5% versus May 2021
Active listings — Listings available at month end.
15,433
MoM +2,335 +17.8% up 2,335, 17.8% versus April 2022 YoY +26.0% up 26.0% versus May 2021
Avg. LDOM — Average days on market for the current listing. Not reported before 2020.
12
MoM +1 day +9.1% up 1 day, 9.1% versus April 2022 YoY +9.1% up 9.1% versus May 2021
Avg. PDOM — Average days on market across the property’s consecutive listings. Not reported before 2020.
18
MoM +4 days +28.6% up 4 days, 28.6% versus April 2022 YoY +20.0% up 20.0% versus May 2021
Avg. SP/LP — Average sale price as a share of list price. Above 100% means competing offers were common.
103%
MoM −4.0 pp −3.7% down 4.0 pp, 3.7% versus April 2022 YoY −2.8% down 2.8% versus May 2021
SNLR — Sales-to-new-listings ratio, computed here from this month’s counts. Below 40% favours buyers, above 60% favours sellers.
39.0%
MoM −4.5 pp −10.3% down 4.5 pp, 10.3% versus April 2022 YoY −39.4% down 39.4% versus May 2021
Months of inventory — Active listings divided by monthly sales — how long the current stock would take to sell. Computed here, not TRREB’s trend figure.
2.1
MoM +0 +29.6% up 0, 29.6% versus April 2022 YoY +106.7% up 106.7% versus May 2021
The month in 60 seconds
- Across all TRREB areas, active listings jumped 17.8% to 15,433 versus April 2022.
- Across all TRREB areas, sales dropped 9.1% to 7,283 versus April 2022.
- Across all TRREB areas, the median selling price fell 4.4% to $1,050,000 versus April 2022.
- Across all TRREB areas, the average sale-to-list ratio fell 3.7% to 103.0% versus April 2022.
- Across all TRREB areas, the average selling price fell 3.3% to $1,212,806 versus April 2022.
Generated from the figures above. Ordered by size of month-over-month move.
Economy
Indicators published with this edition
Real GDP growth
3.1%
Q1 2022
Toronto employment growth
8.6%
April 2022
Toronto unemployment rate
6.3%
April 2022
Inflation (CPI, year-over-year)
6.8%
April 2022
Bank of Canada overnight rate
1%
May 2022
Prime rate
3.2%
May 2022
1-year mortgage rate
3.79%
May 2022
3-year mortgage rate
4.49%
May 2022
5-year mortgage rate
5.39%
May 2022
By home type
All TRREB areas
| Home type | Sales | MoM | Average price | MoM | YoY |
|---|---|---|---|---|---|
| Detached | 3,366 | −234 −6.5% down 234, 6.5% versus April 2022 | $1,549,498 | −$78,845 −4.8% down $78,845, 4.8% versus April 2022 | +9.5% up 9.5% |
| Semi-detached | 752 | −50 −6.2% down 50, 6.2% versus April 2022 | $1,204,893 | −$54,350 −4.3% down $54,350, 4.3% versus April 2022 | +13.2% up 13.2% |
| Att/row/townhouse | 729 | +13 +1.8% up 13, 1.8% versus April 2022 | $1,063,177 | −$56,471 −5.0% down $56,471, 5.0% versus April 2022 | +11.9% up 11.9% |
| Condo townhouse | 522 | −130 −19.9% down 130, 19.9% versus April 2022 | $857,113 | −$52,094 −5.7% down $52,094, 5.7% versus April 2022 | +12.6% up 12.6% |
| Condo apartment | 1,848 | −325 −15.0% down 325, 15.0% versus April 2022 | $770,894 | −$18,975 −2.4% down $18,975, 2.4% versus April 2022 | +13.0% up 13.0% |
| Link | 42 | +4 +10.5% up 4, 10.5% versus April 2022 | $1,051,245 | −$25,334 −2.4% down $25,334, 2.4% versus April 2022 | +10.2% up 10.2% |
| Co-op apartment | 8 | −3 −27.3% down 3, 27.3% versus April 2022 | $805,363 | +$79,363 +10.9% up $79,363, 10.9% versus April 2022 | −9.5% down 9.5% |
| Detached condo | 11 | +3 +37.5% up 3, 37.5% versus April 2022 | $1,029,480 | −$73,895 −6.7% down $73,895, 6.7% versus April 2022 | +4.3% up 4.3% |
| Co-ownership apartment | 5 | −3 −37.5% down 3, 37.5% versus April 2022 | $435,200 | −$189,800 −30.4% down $189,800, 30.4% versus April 2022 | −20.4% down 20.4% |
Average price by home type
13 months to May 2022
| Month | Detached | Semi-detached | Att/row/townhouse | Condo townhouse | Condo apartment |
|---|---|---|---|---|---|
| May '21 | 1415698 | 1064361 | 949983 | 761266 | 682280 |
| Jun '21 | 1407540 | 1055640 | 945212 | 755622 | 683479 |
| Jul '21 | 1405478 | 1027895 | 950038 | 748433 | 674490 |
| Aug '21 | 1423807 | 1031580 | 977127 | 764742 | 688568 |
| Sep '21 | 1526465 | 1114696 | 1016269 | 789983 | 708521 |
| Oct '21 | 1540432 | 1151770 | 1085547 | 823017 | 703698 |
| Nov '21 | 1567832 | 1206016 | 1095570 | 826475 | 715104 |
| Dec '21 | 1598735 | 1181046 | 1136657 | 846525 | 711933 |
| Jan '22 | 1741318 | 1312273 | 1221726 | 936264 | 748566 |
| Feb '22 | 1797203 | 1358415 | 1254460 | 963700 | 799966 |
| Mar '22 | 1697396 | 1317048 | 1212542 | 948292 | 808566 |
| Apr '22 | 1628343 | 1259243 | 1119648 | 909207 | 789869 |
| May '22 | 1549498 | 1204893 | 1063177 | 857113 | 770894 |
Movers this month
Ranked across 55 of the 55 required areas · minimum 10 sales to qualify
Average price, month-over-month
Top 5
- Toronto W07 +28.1% up 28.1%
- Toronto C09 +28.0% up 28.0%
- Brock +23.1% up 23.1%
- Toronto C03 +14.7% up 14.7%
- Toronto E08 +11.0% up 11.0%
Bottom 5
- Toronto C12 −22.2% down 22.2%
- Toronto C15 −13.1% down 13.1%
- Toronto C13 −11.3% down 11.3%
- Toronto W05 −10.8% down 10.8%
- Scugog −10.1% down 10.1%
Sales, month-over-month
Top 5
- Toronto C12 +20.8% up 20.8%
- Toronto C09 +19.2% up 19.2%
- King +16.0% up 16.0%
- Toronto E09 +7.9% up 7.9%
- Toronto C04 +6.6% up 6.6%
Bottom 5
- Toronto C06 −35.9% down 35.9%
- Toronto W04 −32.0% down 32.0%
- Toronto E03 −25.3% down 25.3%
- Toronto C15 −25.2% down 25.2%
- Toronto C14 −24.4% down 24.4%
Areas below the sales threshold are excluded — with a handful of sales, a couple of transactions can invent a swing that is not a market move.
Market balance
Sales-to-new-listings and months of inventory, computed from this month’s counts
All TRREB areas
SNLR
39.0%
prior month 43.5%
Months of inventory
2.1
All TRREB areas reads differently on the two balance measures — a buyer's market at 39.0% sales-to-new-listings, but a seller's market at 2.1 months of inventory. They measure different things, so the split is worth noting.
City of Toronto (416)
SNLR
39.0%
prior month 49.1%
Months of inventory
2.2
City of Toronto (416) reads differently on the two balance measures — a buyer's market at 39.0% sales-to-new-listings, but a seller's market at 2.2 months of inventory. They measure different things, so the split is worth noting.
905 total
SNLR
39.0%
prior month 40.7%
Months of inventory
2.1
905 total reads differently on the two balance measures — a buyer's market at 39.0% sales-to-new-listings, but a seller's market at 2.1 months of inventory. They measure different things, so the split is worth noting.
These are computed here from the month’s raw counts. TRREB also publishes its own trend-smoothed SNLR and months-of-inventory figures, which are shown separately on the area pages and are not the same measure.
Where I work
Downtown TorontoMidtownScarboroughYork RegionDurham Region
Downtown
$906,783
- Sales
- 517
- SNLR
- 31.2%
- MOI
- 3.1
Aggregated across 2 districts · View →
Midtown
$1,969,909
- Sales
- 352
- SNLR
- 42.0%
- MOI
- 2.0
Aggregated across 6 districts · View →
Scarborough
$1,027,363
- Sales
- 483
- SNLR
- 42.7%
- MOI
- 1.8
Aggregated across 8 districts · View →
York Region
$1,369,657
- Sales
- 1,100
- SNLR
- 34.9%
- MOI
- 2.7
Region total · View →
Durham Region
$995,668
- Sales
- 1,025
- SNLR
- 45.3%
- MOI
- 1.4
Region total · View →
Average price for a multi-district group is weighted by dollar volume, not an average of averages — that would give a district with three sales the same weight as one with three hundred.