During the month of May, the Toronto Real Estate Board reported 12,870 home sales in Toronto, which is a 10.6 per cent increase over the same time last year and a new record for the month of May itself. Listings decreased by 6.4 per cent.
“Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today,” said the president of the Toronto Real Estate Board, Mark McLean. “So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices.”
The average selling price for a home in Toronto increased by 15.7 per cent over the same time last year, while low-rise homes had the highest increase in average selling price of all home types.
“Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year,” said the director of market analysis for the Toronto Real Estate Board, Jason Mercer. “With this said, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well.”