Toronto Real Estate Spirals As Inventory Surges, Demand Hits Historic Low

Toronto real estate saw prices decline in May for the third consecutive year, with the most inventory in over a decade and the weakest May demand on record. The typical home price dropped 0.9% to $1,117,400, down 3.5% from a year ago. Home sales hit a low not seen since 2000, with just 7,013 sales. New listings surged 21.1% to 18,612, leading to a buyers' market with a sales to new listings ratio of 37%. Active listings rose 83.3% to 21,760 homes, the highest since 2013. Experts link the slow market to interest rates and anticipate increased activity with rate cuts.