Residential real estate transactions in the Greater Toronto Area remained high in May 2021 compared to the same period last year, though sales have declined slightly from the peak in March 2021. The average home selling price reached a new record high of $1,108,453 in May 2021, up 28.4% from May 2020. While sales activity has slowed, new listings have also decreased, keeping market conditions tight and upward pressure on home prices. The decline in sales over the past two months is likely due to the absence of typical population growth rather than a cooling housing market.