In May 2022, the average Ontario house price decreased to $940,476. It is a 5 percent fall from April 2022’s average Ontario house price of $985,354 and an 11 percent decline from March 2022. Nonetheless, it is 9% higher than last year. Sales in the Toronto real estate market fell by 39% this month compared to the same month last year. The average house price in the Greater Toronto Area in May 2022 was $1,212,806, representing a 9% year-over-year increase. Hamilton’s housing market witnessed a 14 percent year-over-year rise in typical house prices, while Brampton’s experienced a 15 percent gain. Ottawa’s housing market trailed behind with a year-over-year rise in property prices of 7.5%, while Mississauga’s average sold price grew by 8%. In terms of yearly price rises, the Maritimes continue to outpace the rest of the nation, with Nova Scotia leading the way. The median house price in Nova Scotia in May 2022 was $417,500, representing a 32% year-over-year increase. The average house price in New Brunswick increased by 30% per year, reaching $296,700 in May 2022. The other Atlantic Provinces lagged but still saw significant annual price increases, with Prince Edward Island prices increasing 19% year on year to $350,300 and Newfoundland & Labrador prices increasing 9% year on year to $271,700. In April 2022, the average price of a house in Newfoundland and Labrador was $327,700. This month, the benchmark has decreased by 17% to $290,500. Even so, the province’s yearly growth rate of 9 percent remains higher than that of the Prairies.