TORONTO, June 5, 2013 — Greater Toronto Area REALTORS reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012. Sales of single-detached houses in the GTA were up by nearly one percent compared to the same period last year, including a 3 percent year-over-year increase in the City of Toronto.
"The sales picture in the GTA has improved visibly over the past two months. While the amount of transactions in April and May stayed below last year’s levels, the rate of decline has been much smaller. A growing number of homes who put their decision to get on hold because of tougher lending suggestions are beginning to become active again in the ownership market," claimed Toronto Real estate Board President Ann Hannah.
The average selling price for May 2013 sales was $542,174 up by 5.4 percent compared to $514,567 in May 2012.
The MLS Home Price Index ( HPI ) Composite Benchmark was up by 2.8 percent year-over-year. Average condominium loft costs were also up slightly in comparison to last year.
"The yearly rate of price expansion in May wasn’t surprising given the contest that still exists between purchasers, especially for low-rise home types such as single-detached and semi-detached homes. We stay on track for a three-and-a-half percent increase in the average selling price for 2013 as a whole," declared Jason Mercer, TREB’s Senior Manager of Market Analysis.