Home sales in the Greater Toronto Area were down last month, but selling prices remained higher than last year’s levels.

Realtors in the Greater Toronto Area are noticing more competition among buyers as home sales climbed in March.

Condo rents across the Greater Toronto Area have ballooned since last summer. The average cost of renting a small bachelor unit is now $1,829 per month.

Higher borrowing costs brought more balance to the Greater Toronto Area housing market in May, with home sales down on a monthly and annual basis and active listings up.

Greater Toronto Area realtors reported 7,932 condo sales in Q1 2022, representing a decrease of 15.6 per cent compared to the record 9,399 sales in Q1 2021.

Even though home sales in the GTA dropped 12.7 per cent in April compared to March, the market is still going strong.

The average condo selling price was up by 8.3 per cent year-over-year in the third quarter to $633,484. The average overall selling price in the City of Toronto was up by a similar rate over the same period.

GTA realtors reported 8,701 home sales in June—a 1.4 per cent drop compared to June 2019, and a much larger increase compared to sales results in May.

As Toronto condo prices dropped 4 per cent this April, TRREB notes a key factor for housing market recovery will be a broader reopening of the economy.

Greater Toronto Area homes sales have dropped and are expected to further plunge before the end of June, according to early statistics from TRREB.

The Toronto Regional Real Estate Board is asking its realtors to stop conducting in-person open houses for the time being and consider virtual alternatives.