MAY 2024 UPDATE: NAVIGATING THE GTA & DURHAM REGION REAL ESTATE MARKET
Posted by Dan Plowman on
Welcome back to our detailed real estate market update for May 2024 in the Greater Toronto Area (GTA) and Durham Region.
This month has brought some interesting shifts, reflecting broader economic sentiments and potential shifts in the mortgage landscape:
GTA Market Insights:
Sales Activity: May 2024 continued to showcase reduced home sales levels, especially in comparison to the brief surge experienced last spring. Toronto Regional Real Estate Board (TRREB) reported a total of 7,013 sales through the MLS® System this May—a significant 21.7% decline from the 8,960 sales reported in May 2023. Despite the slowdown in sales, new listings rose sharply, up by 21.1% year-over-year to 18,612, giving buyers more options and leverage in price…
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