Toronto real estate agents report monthly resale hous­ing mar­ket figures

Greater Toronto Real­tors reported 10,850 trans­ac­tions through the Toronto MLS Sys­tem in May 2012 – an 11% increase over the 9,766 sales in May 2011. Sales growth was strongest in the ‘905’ regions sur­round­ing the City of Toronto.

“Sales growth in the ‘905’ area code was stronger than growth in the City of Toronto across all major home types. While lower aver­age prices are cer­tainly one fac­tor that has con­tributed to this trend, recent polling also sug­gests that the City of Toronto’s land trans­fer tax has also prompted many house­holds to look out­side of the City for their own­er­ship hous­ing needs,” said Toronto Real Estate Board (TREB) Pres­i­dent Richard Silver.

New list­ings were up sub­stan­tially on a year-over-year basis in May – ris­ing by more than 20% to 19,177. The aver­age price for May 2012 sales was $516,787, rep­re­sent­ing an annual increase of 6.5% com­pared to $485,362 in May 2011. Price growth con­tin­ued to be dri­ven by the low-rise mar­ket segment.

“Strong com­pe­ti­tion between buy­ers seek­ing to pur­chase low-rise home types drove strong price growth in May. How­ever, if new list­ings con­tinue to grow at the pace they did in May for the remain­der of 2012, the annual rate of price growth should begin to mod­er­ate on a sus­tained basis,” said Jason Mer­cer, TREB’s Senior Man­ager of Mar­ket Analysis.

City of Toronto (“416″)
2012 Sales: 4,130 | Aver­age Price: $568,768
2011 Sales: 3,871 | Aver­age Price: $536,655

Rest of GTA (“905″)
2012 Sales: 6,720 | Aver­age Price: $484,840
2011 Sales: 5,895 | Aver­age Price: $451,680

Entire GTA
2012 Sales: 10,850 | Aver­age Price: $516,787
2011 Sales: 9,766  | Aver­age Price: $485,362

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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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