According to the Toronto Real Estate Board (TREB), there were 11,706 sales through the Multiple Listing Service (MLS) in May. Up by 6.3 per cent compared to May 2014.
May saw an average selling price of $649,599 - which is up by 11.1 per cent from the average selling price of $584,946 reported in May 2014.
“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. 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," said Mr. Paul Etherington, President of the Toronto Real Estate Board.
The median price in May 2015 was $542,000.
The median price in May 2014 was $490,000.
“Tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth regardless of the price metric being considered. 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,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).