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 re-opening of the economy continues, it is possible that home sales will continue to improve in the coming months.
This report by The Canadian Press was first published June 3, 2020.