The Toronto Real Estate Board has released its home sales figures for May 2013, finding that sales dropped by 3.4 per cent over May of last year to a total of 10,182 sales. However, sales of single-detached homes increased by one per cent in the Greater Toronto Area, and by three per cent in the City of Toronto.
“The sales picture in the GTA has improved markedly over the past two months,” said the president of the Toronto Real Estate Board, Ann Hannah, in a press release. “While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller. A growing number of households who put their decision on hold as a result of stricter lending guidelines are starting to become active again in the ownership market.”
The average selling price for the month of May increased by $542,174, which was a 5.4 per cent increase over May 2012.
According to the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer: “The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole.”
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