Toronto Home Sales Increase In May 2012

According to the latest statistics from the Toronto Real Estate Board, 10,850 homes were sold in the Greater Toronto Area in May 2012, which is an 11 per cent increase over the 9,766 home sales during the same time last year.

“Sales growth in the 905 area code was stronger than growth in the City of Toronto across all major home types. While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the city of Toronto’s land transfer tax has also prompted many households to look outside of the City for their ownership housing needs,” said Richard Silver, the president of the Toronto Real Estate Board.

New listings also increased quite a bit – 20 per cent – in May, compared to May of last year. In addition, the average home price in the city and Greater Toronto Area increased by about 6.5 per cent.

“Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May,” said the senior manager or market analysis for the Toronto Real Estate Board, Jason Mercer. “However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis.”

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