According to the Toronto Real Estate Board (TREB), there were 10,850 sales through the Multiple Listing Service (MLS) in May. This is an 11 per cent increase from May 2011.
May saw an average selling price of $516,787 - which is a six and a half per cent increase from the average selling price of $485,362 reported in May 2011.
According to TREB president Richard Silver, the land transfer tax in Toronto has driven many buyers to look outside the city for home ownership, which has in turn helped increase the sales growth in the '905' area code.
The median price in May 2012 was $432,050.
The median price in march 2011 was $400,000.
"If new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of proce growth should begin to moderate on a sustained basis" said Toronto Real Estate Board (TREB) Senior Manager of Market Analysis Jason Mercer.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).