May 16, 2013 -- Greater Toronto Area REALTORS reported 4,476 transactions through the TorontoMLS system in the first 14 days of May. This result represented a decrease of 9.7 percent compared with the same period in 2012. Sales declines were larger for the Town of Toronto, at 11.4 percent, vs the surrounding regions where sales were down by 8.6 per cent year-over-year.
"Despite fewer sales this year compared to last, competition between buyers in most segments of the market stayed strong enough to promote annual rates of price expansion above the rate of inflation. A household earning the average earnings in the GTA can comfortably afford the home loan payments connected with the acquisition of a median priced home," said Toronto Real estate Board President Ann Hannah.
The average selling price during the first two weeks of May was $543,838 up by 5.4 percent in comparison to the same time-frame last year. Price growth was strongest for low-rise home types, but positive price growth for condo apartments in the Town of Toronto was also reported.
"Continuing the present trend during the past year, the low-rise slice of the market drove overall price growth during the first part of May, as months of inventory stayed below historic norms for key home types," claimed Jason Mercer, TREB's Senior Manager of Market Analysis.
"Despite fewer sales this year compared to last, competition between buyers in most segments of the market stayed strong enough to promote annual rates of price expansion above the rate of inflation. A household earning the average earnings in the GTA can comfortably afford the home loan payments connected with the acquisition of a median priced home," said Toronto Real estate Board President Ann Hannah.
The average selling price during the first two weeks of May was $543,838 up by 5.4 percent in comparison to the same time-frame last year. Price growth was strongest for low-rise home types, but positive price growth for condo apartments in the Town of Toronto was also reported.
"Continuing the present trend during the past year, the low-rise slice of the market drove overall price growth during the first part of May, as months of inventory stayed below historic norms for key home types," claimed Jason Mercer, TREB's Senior Manager of Market Analysis.
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