Greater Toronto Area REALTORS reported May 16

May 16, 2013 — Greater Toronto Area REALTORS reported 4,476 transactions through the TorontoMLS system during the first Fourteen days of May. Sales declines were larger for the Town of Toronto, at 11.4 percent, versus the surrounding regions where sales were down by 8.6 per cent year-over-year. This result represented a fall of 9.7 percent compared to the same period in 2012. A household earning the average revenue in the GTA can nicely afford the mortgage payments linked with the purchase of a standard priced home," said Toronto Real estate Board President Ann Hannah.

The average selling price in the first 14 days of May was $543,838 up by 5.4 per cent contrasted to the same time frame last year. Price growth was strongest for low-rise home types, but positive price expansion for condo flats in the City of Toronto was also reported.

"Continuing the current trend during the past year, the low-rise slice of the market drove overall price growth during the 1st half of May, as months of inventory remained below historic norms for key home types," claimed Jason Mercer, TREB’s Senior Manager of Market Analysis.