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Toronto home sales in May up from April, but less than half than a year ago

Toronto home sales in May up from April, but less than half than a year ago

TORONTO — The Toronto Regional Real Estate Board says home sales in the region improved in May compared with April, but remained less than half of what they were a year ago due to the pandemic.

The board says there were 4,606 sales in the Greater Toronto Area through its MLS system in May, down 53.7 per cent compared with a year earlier.

However, sales in May were up 55.2 per cent compared with April.

The average selling price was $863,599, up three per cent compared to May 2019.

The number of new listings totalled 9,104, down 53.1 per cent compared with year ago, but up 47.5 per cent on a month-over-month basis.

Board president Michael Collins says that if the gradual reopening of the economy continues, it is possible that home sales will continue to improve in the coming months.

 

© 2020 The Canadian Press

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