According to the Toronto Real Estate Board (TREB), there were 10,046 sales through the Multiple Listing Service (MLS) in May. This is a 6 per cent increase from May 2010.
March saw an average selling price of $485,520 - a nine per cent increase from the average selling price of $446,593 reported in May 2010.
The market has become a lot tighter when matched up to May. The drop in the amount of new listings on the market can be seen as a direct result. The low borrowing costs and the encouraging economic news has lead to the strong sales increase this May.
The median price in March 2011 was $400,000
The median price in March 2010 was $376,750.
"The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year," 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).