May 2023 Real Estate Market Report

Toronto Area Market breakdown – May 2023

The demand for housing continues to be strong! GTA realtors reported the sale of 9,012 homes in
May, up 24% from last May’s 7,226. Sadly, new listings were down by 18.7% over the same
period and, as we all know, it’s about supply and demand. This shortage of homes for sale
resulted in multiple offers on well-priced properties and brought the average sale price in May up
to $1,196,101. This scenario is repeated in rental properties where bidding wars on rental units
are no longer unusual.


Click on the images to enlarge for more detail.


Generally speaking the condo market is also a Seller’s market. Needless to say that the averages do not necessarily reflect the value of units in specific buildings. We have that information so if you what to know what’s happening in your building then drop me a note at

We have all the information about this market at our fingertips. If you want more information about where you live or in any section of the market in the GTA please let us know by completing the form below or by sending me a note at We’ll be happy to provide you with a report that’s tailored to your needs.