According to the Toronto Real Estate Board (TREB), there were 11,079 sales through the Multiple Listing Service (MLS) in May. Up by 11.4 per cent compared to May 2013.
May saw an average selling price of $585,204 - which is up by 8.3 per cent from the average selling price of $540,544 reported in May 2013.
“We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices. Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months,” said Ms. Dianne Usher, President, Toronto Real Estate Board.
The median price in May 2014 was $490,000.
The median price in May 2013 was $455,000.
“The listings situation in the GTA did not improve this past May. With listings down and sales up compared to last year, competition between buyers increased. The result was price growth well-above the rate of inflation, especially for singles, semis and townhomes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).