The Toronto Real Estate Board’s latest statistics say that home sales increased by 9.6 per cent in the first two weeks of May 2015, up to 5,655 sales compared to 5,160 sales during the same time last year.
“It is clear that demand for ownership housing remains very strong in the GTA,” said Toronto Real Estate Board president Paul Etherington. “So much so that, if the pace of sales experienced in the first half of this month is sustained in the second half, we will see record home sales for the month of May.”
The average selling price for these homes was $653,782, which is an increase of 10.7 per cent over last year.
“The low-rise market segments, including detached home sales, have been the driver of average price growth in the GTA this year,” said Jason Mercer, the Director of Market Analysis for the Toronto Real Estate Board. “As market conditions have tightened, average price growth has remained very strong. However, while tighter market conditions have been a key factor, so too has been a shift to higher priced homes. Detached sales growth in the City of Toronto, for example, has been strongest for high-end homes. The resulting change in the mix of homes sold has also been an important factor in pushing the average price higher.”