Toronto Real Estate Board June 4

TORONTO, June 4, 2014 -Toronto Real Estate Board President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.

Total TorontoMLS sales for May 2014 amounted to 11,079 a new high for the month of May. This result was up by 11.4 % compared to 9,946 sales reported in May 2013.

"We are now at the top of the spring market when we often see the best number of sales and the highest average selling prices. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013. Based primarily on the May stats, buyers have been more active this spring compared to last year. Regardless of strong price expansion so far in 2014, many households remain ok with the monthly home loan payments associated with the purchase of a home, as borrowing costs have remained at or near record lows during the last few months," said Ms. Usher.

Average selling prices varied across the Larger Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, typically for $943,055. In the encircling GTA regions, the average detached price was $648,439.

"The listings situation in the GTA did not improve this past May. The result was price growth well-above the rate of inflation, particularly for singles, semis and townhomes," said Jason Mercer, TREB’s Senior Manager of Market Analysis. With listings down and sales up compared to last year, competition between purchasers increased.

"It is also critical to point out that even though the condo studio market segment remains relatively well-supplied, as new project completions have generally led on to an uptick in lists, we have seen enough purchaser interest to prompt strong apartment price growth as well," continued Mercer. President Dianne Usher announced that both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.

Total TorontoMLS sales for May 2014 amounted to 11,079 a new high for the month of May. This result was up by 11.4 % compared to 9,946 sales reported in May 2013.

"We are now at the top of the spring market when we often see the best number of sales and the highest average selling prices. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013. Based primarily on the May stats, buyers have been more active this spring compared to last year. Regardless of strong price expansion so far in 2014, many households remain ok with the monthly home loan payments associated with the purchase of a home, as borrowing costs have remained at or near record lows during the last few months," said Ms. Usher.

Average selling prices varied across the Larger Toronto Area, depending on geography and home type. A detached home in the City of Toronto sold, typically for $943,055. In the encircling GTA regions, the average detached price was $648,439.

"The listings situation in the GTA did not improve this past May. The result was price growth well-above the rate of inflation, particularly for singles, semis and townhomes," said Jason Mercer, TREB’s Senior Manager of Market Analysis. With listings down and sales up compared to last year, competition between purchasers increased.

"It is also critical to point out that even though the condo studio market segment remains relatively well-supplied, as new project completions have generally led on to an uptick in lists, we have seen enough purchaser interest to prompt strong apartment price growth as well," continued Mercer.


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