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 percent compared against May 2012. Sales of single-detached homes in the GTA were up by almost one percent matched against the same period last year, including a three per cent year-over-year increase in the City of Toronto.
"The sales picture in the GTA has improved markedly over the last 2 months. While the quantity 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 purchase on hold due to tougher lending guidelines are starting to become active again in the ownership market," claimed Toronto Real-estate Board President Ann Hannah. The yearly rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto.
The average selling price for May 2013 sales was $542,174 up by 5.4 per cent compared to $514,567 in May 2012. Average condominium apartment costs were also up barely compared with last year.
The MLS Home Price Index ( HPI ) Composite Benchmark was up by 2.8 % year-over-year.
"The annual rate of price growth in May was not surprising given the contest that still exists between consumers, especially for low-rise home types such as single-detached and semi-detached homes. We stay on track for a three-and-a-half % increase in the average selling price for 2013 as a whole," announced Jason Mercer, TREB's Senior Manager of Market Analysis.
"The sales picture in the GTA has improved markedly over the last 2 months. While the quantity 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 purchase on hold due to tougher lending guidelines are starting to become active again in the ownership market," claimed Toronto Real-estate Board President Ann Hannah. The yearly rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto.
The average selling price for May 2013 sales was $542,174 up by 5.4 per cent compared to $514,567 in May 2012. Average condominium apartment costs were also up barely compared with last year.
The MLS Home Price Index ( HPI ) Composite Benchmark was up by 2.8 % year-over-year.
"The annual rate of price growth in May was not surprising given the contest that still exists between consumers, especially for low-rise home types such as single-detached and semi-detached homes. We stay on track for a three-and-a-half % increase in the average selling price for 2013 as a whole," announced Jason Mercer, TREB's Senior Manager of Market Analysis.
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