Toronto’s May real estate market continued to slump. Overall transaction volume declined, led by a significant 25% year-over-year decrease in condominium apartment sales. Detached home sales fell by 8%, while semi-detached homes saw a modest 1% decline. Year-to-date, total transactions are 31% below the five-year average (2021–2025).  Prices were down across all segments.

Affordability has improved slightly compared to last year, as both home prices and interest rates have come down. However, market weakness persists, largely driven by low consumer confidence amid ongoing concerns over a U.S.-Canada trade conflict, rising unemployment in Canada, and fears of an impending recession.

Buyers currently have a wide range of options, with active listings at the end of May remaining at historically high levels. Months of inventory (MOI) stood at just over 2 months for freehold townhomes and semi-detached homes, while detached homes and condominiums recorded higher MOI figures at approximately 4 and 7 months, respectively.

The Bank of Canada held interest rates steady last week, and further rate decisions are not expected until July 30. Given the current economic and market landscape, one might expect a more pronounced price correction. However, prices have shown surprising resilience.

The chart below illustrates median sale prices from January to May for the years 2021 through 2025, across freehold and condominium segments.

As of May 2025, year-to-date median sale prices were $1.198 million for freeholds and $697,000 for condominiums. These figures represent a modest increase of approximately 4% and 2%, respectively, compared to 2021. Notably, the market peaked in early 2022 when mortgage rates hovered around 1% or lower. Relative to that peak, current median prices are down by 15% (freeholds) and 16% (condos). When compared to 2023 and 2024, the decline is far less pronounced—only 2% for freeholds and 5% for condominiums. While a swift market rebound seems unlikely in the near term, the data suggest that home prices have remained relatively sticky despite elevated inventory levels.

Shen Shoots the Breeze

I love eating out, especially when it involves sharing good food and great company. Some of our non-Chinese friends have asked to join us on our Chinese culinary adventures, and we’re always happy to show them the ropes! If you’re curious about how to navigate Chinese dining, here are a few tips to make your experience even better:

1. Different restaurants for different occasions.  Like most cuisines, there are different types of restaurants for different occasions and those that specialize in different meals. A restaurant that offers banquet type meals (look for a large tank of live seafood – that’s a giveway) will usually serve dim sum during the day. There are noodles and rice places, like Congee Queen, dumpling places and a plethora of establishments that specialize in regional Chinese cuisine, ie, Sichuan, Chiu Chow, etc… You need to know which is serving what…
2. Reservations aren’t always a thing.  If the restaurant you chose doesn’t take reservations, be prepared to wait. The good thing is service is quick and a table could turnover more than twice during an evening (hello, Congee Queen). Upon arrival, make a beeline towards the host and let them know how many are in your party. You’ll get a slip with a number — don’t wander off! Keep an eye out for your number to be called, or check in with the host periodically for an update.
3. Cash is (still) king.  Most establishments will take credit card but let’s just say you may get a financial incentive when you pay in cash.
4. The best dishes might not be on the menu.  Many restaurants have “secret” items or daily specials written on the walls — often only in Chinese. If you don’t read Chinese, this can be a challenge. Thankfully, my mom reads them all to me because she knows how much I love food and how badly I suffer from FOMO.
5. BYOB is more common than you think.  A lot of Chinese restaurants allow you to bring your own wine for a small corkage fee — often around $5-$10 per bottle. Call ahead to check! We’ve brought in some fantastic bottles to enjoy with dinner where the corkage was a flat $10 for as many bottles as we wanted to bring.
6. Sharing is the norm.  We always get a little chuckle when non-Chinese (especially gweilos) diners order their own entrée. Chinese meals are meant to be shared family-style — that way, everyone gets to try a bit of everything. More variety, more fun!
7.  Dim sum tea etiquette.  At dim sum, tea is included regardless if you want it or not and it’s charged by the person. You usually get only one kind of tea and be prepared to give them your selection as you are en route to being seated. Jasmine, chrysanthemum, oolong, pu-erh are some popular varieties. The server will usually bring 2 teapots: one with the tea of choice and another with hot water, which you use to dilute the tea throughout the meal. When you need a refill, just flip the lid of the empty pot — that’s the universal sign. 
8. Allergies? Proceed with caution.  If you have multiple or serious food allergies, Chinese restaurants may not be the best choice. My nephew is allergic to eggs and nuts, and despite our best efforts, he often doesn’t feel great after meals. Cross-contamination can be hard to avoid.