Prices trended upward on a year-over-year basis, with the overall average going to $398,148, up 4% over the May 2007 figure of $382,787.
The City of Toronto experienced a 3% increase, to $434,271 over last May's $422,163. The 905 suburbs averaged $374,629, up five per cent over the same time last year, when the corresponding figure was $355,341.
"Furthermore, inventory has increased 15 per cent to 27,267 listings over May of 2007. This is good news for potential homebuyers as it should keep year-over-year price increases to the low single digits."
Sales GTA-wide declined 16 per cent from May of 2007, which saw 11,146 sales, a record month. However, this overall decline masked significant regional variations.
Within the City of Toronto, sales fell 19% to 3,711 from last May's figure of 4,578. Within the 905 suburbs, on the other hand, the decline was a less pronounced 13%, to 5,700 sales from last May's figure of 6,568.