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 per cent compared to
9,946 sales reported in May
2013. 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.
“We are now at the peak of the spring market when we
generally see the greatest
number of sales and the highest average selling prices.
Based on the May statistics,
buyers have been more active this spring compared to last
year. Despite strong price
growth so far in 2014, many households remain comfortable
with the monthly mortgage
payments associated with the purchase of a home, as
borrowing costs have remained
at or near record lows over the past few months,” said Ms.
Usher.
Average selling prices varied across the Greater Toronto
Area, depending on
geography and home type. A detached home in the City of
Toronto sold, on average,
for $943,055. In the surrounding GTA regions, the average
detached price was
$648,439. The average price for condominium apartments was
$401,809 in the City of
Toronto and $307, 307 in the surrounding regions.
“The listings situation in the GTA did not improve this past
May. With listings down and
sales up compared to last year, competition between buyers
increased. The result was
price growth well-above the rate of inflation, especially
for singles, semis and
townhomes,” said Jason Mercer, TREB’s Senior Manager of
Market Analysis.
“It is also important to point out that even though the
condo apartment market segment
remains comparatively well-supplied, as new project
completions have generally led to
an uptick in listings, we have seen enough buyer interest to
prompt strong condo price
growth as well,” continued Mercer.
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