Royal LePage’s May 2023 Market Update

Last month, there were 488 sales of single-family homes in the VIREB area, an eight percent increase from one year ago (450) and up by 25 percent from April 2023 (391).

Sales of condo apartments in May came in at 86, declining by seven percent year over year and increasing by 12 percent from the previous month. In the row/townhouse category, 94 units changed hands in May, down nine percent from one year ago and up by seven percent from April.

Active listings of single-family homes were 979 in May, up from 976 one year ago. VIREB’s inventory of condo apartments hit 318 last month, up from 230 listings in May 2022. There were 252 row/townhouses for sale last month compared to 168 one year ago.

Benchmark prices are down from May 2022, as shown below.

Single-family – $751,200 (down 11% y-o-y)
Apartment – $392,800 (down 8% y-o-y)
Townhouse – $547,800 (down 9% y-o-y)

However, from April to May, single-family homes, condo apartments, and row/townhouses posted price increases in nearly all zones, ranging from one to five percent.

For the rest of our May statistics and supplementary information, please check out the following resources.