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 back.
Total TorontoMLS sales for May 2014 amounted to 11,079 a new high for the month of May. 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. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013.
"We are now at the top of the spring market when we usually see the greatest number of sales and the highest average selling prices. Based mostly on the May statistics, buyers have been more active this spring compared to last year. Despite strong price expansion so far in 2014, many households remain happy with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have stayed at or near record lows during the last few months," said Ms. Usher.
Average selling costs varied across the Larger Toronto Area, depending on geography and home type. In the encompassing GTA regions, the average detached price was $648,439. The median price for condo residences was $401,809 in the City of Toronto and $307, 307 in the surrounding regions. With listings down and sales up compared to last year, competition between customers increased.
"The lists situation in the GTA didn't improve this past May. The result was price expansion 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 identify that although the condo apartment market segment remains relatively well-supplied, as new project completions have usually led on to an uptick in lists, we have seen enough customer interest to prompt strong condo price expansion as well," continued Mercer.
Total TorontoMLS sales for May 2014 amounted to 11,079 a new high for the month of May. 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. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013.
"We are now at the top of the spring market when we usually see the greatest number of sales and the highest average selling prices. Based mostly on the May statistics, buyers have been more active this spring compared to last year. Despite strong price expansion so far in 2014, many households remain happy with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have stayed at or near record lows during the last few months," said Ms. Usher.
Average selling costs varied across the Larger Toronto Area, depending on geography and home type. In the encompassing GTA regions, the average detached price was $648,439. The median price for condo residences was $401,809 in the City of Toronto and $307, 307 in the surrounding regions. With listings down and sales up compared to last year, competition between customers increased.
"The lists situation in the GTA didn't improve this past May. The result was price expansion 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 identify that although the condo apartment market segment remains relatively well-supplied, as new project completions have usually led on to an uptick in lists, we have seen enough customer interest to prompt strong condo price expansion as well," continued Mercer.
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