Posted by: MonsterMortgage.ca
TREB, the Toronto Real Estate Board, has released its housing market figures for the City of Toronto in May. According to their latest figures, the number of homes sold in Toronto and the average selling price of those homes were up significantly when compared to May of last year.
According to the TREB, sales of homes in the Toronto Multiple Listing Service database for May were 11,079 which represent an 11.4% increase when compared to May in the previous year. Prices were up as well, as the average selling price for the 11,079 homes was $585,204 – a 8.3% increase when compared to the same time frame last year when the average selling for homes sold was $540,544.
As expected, homes across the GTA varied in price depending both on geography and the structure of the property. Detached homes in the City of Toronto had an average selling price of $943,055 while in the regions surrounding the city, detached homes sold for $648,439 on average. Condominiums in Toronto sold for approximately $401,809 while condos in the areas surrounding the region sold for $307,307 on average.
The Toronto Real Estate Board continues to echo a sentiment of low supply and high demand. The dynamic of low supply and high demand was particularly apparent for detached, semi and townhomes in the core of the GTA.
“The listings situation in the GTA did not improve this past May. With listings down and sales up compared to last year, competition between buyers increased. The result was price growth well-above the rate of inflation, especially for singles, semis and townhomes,” said Jason Mercer, the Board’s Senior Manager of Market Analysis
All statistics provided by Toronto Real Estate Board