May-Be Like The Mid-90s?
May was a month that saw an uptick in activity. It was the strongest month in terms of sales volume this calendar year. It suggested a market balancing out and finding its footing. We would say the factors at play here were a combination of buyers accepting that life continues on. It’s now a relatively good time to purchase (prices are more reasonably, interest rates are better than we have seen in recent years) as well as a factor that sellers have better come to terms with the fact that the value of their home three and a half years is not relevant in today’s market. As May is one step closer ot summer, it’s not uncommon to see an uptick in acuity before the summer lull.
The seemingly daily conjecture and threats from our neighbours have most certainly played a part in our Spring market never finding its stride. At this stage, halfway through the year, we are projecting between 55,000-62,0000 sales. These projected numbers fall somewhere between the sales transactions for 1995 and 1996. Yes, when the Toronto Regional Real Estate Board was just Toronto proper, and condos were rare. This is down from our annual average over the previous ten years of 92,000. This provides a good perspective on how things have slowed in the marketplace.
Additionally, the upcoming market report for June is expected to show a near-record high of listings on the MLS. There is a lot to choose from, and the buyers who are out there don’t seem to have much urgency; they are waiting for the “perfect” home at their price.
What is interesting is that the perfect doesn’t exist, and the market values of houses have not come down enough to support their wishes. It’s going to be a very interesting back half of 2025.
Thinking about buying a home? Click here to browse my featured listings.
Looking for more insights into Toronto real estate? Check out these related posts from my blog!
- Where to Buy A Toronto Condo If You Don’t Want To Live Downtown
- What Are Must-Make Repairs Before You Sell Your Toronto Home?
- Is Rosedale A Family Neighbourhood?
Have questions about buying or selling in today’s market? I have answers! Reach me by email at ryan@ryanroberts.ca or call 416-925-9191.
