According to the Toronto Real Estate Board (TREB), there were 10,182 sales through the Multiple Listing Service (MLS) in May. This is a 3.4 per cent decrease from May 2012.
May saw an average selling price of $542,174 - which is up by 5.4 per cent from the average selling price of $514,567 reported in May 2012.
“The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller. A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market,” said Toronto Real Estate Board President Ann Hannah.
The median price in May 2013 was $455,000.
The median price in May 2012 was $432,050.
“The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).