Greater Toronto Real­tors reported 5,142 trans­ac­tions through the Toronto MLS Sys­tem dur­ing the first 14 days of May 2012. This result was up by more than 14.5% in com­par­i­son to the first 14 days of May 2011. The num­ber of new list­ings con­tin­ued to grow at a slower pace than sales – up 13% year-over-year to 8,749.

Com­ment: Inter­est­ing to note that sales vol­ume and list­ings are ris­ing faster than price. Good to see. And nice to see list­ings ris­ing by 13% and not just 4%.

“Annual growth in sales was expe­ri­enced across the GTA for all major home types in the first half of May. Sales growth was strongest for the con­do­minium apart­ment seg­ment. While the condo mar­ket has gen­er­ally been the best sup­plied mar­ket over the past year, we have con­tin­ued to see enough demand to exert mod­er­ate upward pres­sure on aver­age sell­ing prices in this mar­ket seg­ment,” said Toronto Real Estate Board Pres­i­dent Richard Silver.

The aver­age sell­ing price for trans­ac­tions in the first 14 days of May was $517,242 – up by 6% com­pared to the same period in 2011.

“A short­age of list­ings in the low-rise seg­ment of the mar­ket has resulted in a lot of com­pe­ti­tion between buy­ers and above aver­age annual rates of price growth. Tight mar­ket con­di­tions are expected to remain in place for the bal­ance of 2012,” said Jason Mer­cer, TREB’s Senior Man­ager of Mar­ket Analysis.

Com­ment: Even with faster-growing list­ings, sales are still ahead. Until we have a year or two of list­ing growth exced­ing sales growth, we are going to have the same sup­ply & demand problem.

Sum­mary of Toron­toMLS Sales and Aver­age Price

City of Toronto (“416″)
2012 Sales: 1,959 | Aver­age Price: $572,159
2011 Sales: 1,763 | Aver­age Price: $547,659

Rest of GTA (“905″)
2012 Sales: 3,183 | Aver­age Price: $483,443
2011 Sales: 2,725 | Aver­age Price: $448,126

All of the GTA
2012 Sales: 5,142 | Aver­age Price: $517,242
2011 Sales: 4,488 | Aver­age Price: $487,225

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Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.
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