TORONTO, June 3, 2016 – Toronto Real Estate Board President Mark
McLean announced that there were 12,870 home sales reported through
TREB’s MLS® System in May 2016. This result represented a new record
for the month of May and a 10.6 per cent increase over the same period last
year. In contrast, the number of new listings was down over the same time
frame by 6.4 per cent. The decline in listings was experienced in both the
low-rise and condominium apartment market segments.
“Whether we’re talking about existing homeowners or people looking to
purchase for the first time, there is no shortage of buyers in the marketplace
today. So, while the record number of home sales through the first five
months of 2016 is not necessarily surprising, it does sometimes mask the
larger story in the GTA: the shortage of listings, which has resulted in strong
upward pressure on home prices,” said Mr. McLean.
The MLS® Home Price Index Composite Benchmark was up by 15 per cent
year-over-year in May 2016. Similarly, the average selling price for all home
types combined was up by 15.7 per cent over the same period. Low-rise
home types, which remained in short supply in many GTA neighbourhoods,
experienced the strongest price growth.
“Widespread competition between buyers of singles, semis and townhouses
across the GTA has underpinned the robust annual rates of price growth
experienced so far this year. With this said, however, it is also important to
understand that tighter market conditions for condominium apartments have
resulted in price growth well above the rate of inflation in this market segment
as well,” said Jason Mercer, TREB’s Director of Market Analysis.
If You're Looking For A Bright & Spacious Bungalow That's Move-In Ready, This Is It! Warm & Inviting From The Moment You Step Inside. Thousands Spent In Upgrades Including: Updated Baths, Kitchen, Stainless Steel Appliances, HVAC & Walk Out To Private Side Yard Covered Deck w/BBQ & Natural Gas Line. A Spectacular Family Room Addition w/ Vaulted Ceilings & Extra Large Sliding Windows Sets This Bungalow Apart From Others. Separate Entrance To Finished Basement With Oversized Above Grade Windows That's Easy To Convert To An In-Law Suite, Tons Of Built In Storage, Hardwood Floors Thru-Out, Double Car Garage, 2 Fireplaces & More. Steps To TTC, Parks, Shopping & Schools. Earl Haig School District. This Is A Must See!!!! Please don’t hesitate to contact us, we’re happy to answer any questions you have. Jason Walker | Realtor 416-930-3301 | 1jawalker@gmail.com
Comments