According to the Toronto Real Estate Board (TREB), there were 12,870 sales through the Multiple Listing Service (MLS) in May. Up by 10.6 per cent compared to May 2015.
May saw an average selling price of $751,908 - which is up by 15.7 per cent from the average selling price of $649,648 reported in May 2015.
“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. 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,” said Mark McLean, President of the Toronto Real Estate Board.
The median price in May 2016 was $625,000.
The median price in May 2015 was $542,000.
“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. With this said, however, 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,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).