According to the latest from the Toronto Real Estate Board, home sales in May increased by 6.3 per cent to 11,013 sales over May 2014. Sales for detached homes were down in the City of Toronto, where new low-rise listings have been restricted.
“During my tenure as TREB President over the past year, it is clear to me that ownership housing remains top of mind as a quality long-term investment for GTA households,” said Toronto Real Estate Board President Paul Etherington. “This is why, despite a shortage of listings in some market segments, we experienced a record number of sales reported through TREB’s MLS System for the month of May.”
The average selling price for all of the home types to 11 per cent year-over-year, reaching $649,599.
“Tight market conditions, especially for singles, semis and town homes in he GTA, have resulted in strong price growth regardless of the price metric being considered,” said the Toronto Real Estate Board’s director of market analysis, Jason Mercer. “With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015. At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand.”