According to the latest resale housing market figures released by the Toronto Real Estate Board, home sales in May increased by 11.4 per cent over May 2013, to a total of 11,079 sales, which is a new high for May.
“We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices,” said Toronto Real Estate Board President Diane Usher in a press release. “Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months.”
The average selling price for a home in Toronto varied by location in the month of May, with averages for detached homes within the city of Toronto hitting $943,055. In the surrounding areas, the average was $648,439.
“The listings situation in the GTA did not improve this past May,” said Toronto Real Estate Board senior manager of market analysis, Jason Mercer. “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. It’s also important to point out that even though the condo apartment market segment remains comparatively well-supplied as new project completions have generally led to an uptick in listings, we have seen enough buyer interest to prompt strong condo price growth as well.”