Toronto Real Estate Market Steady in May
The Toronto real estate market recorded 9,411 transactions in May, Toronto Real Estate Board President Maureen O’Neill announced today.
On a year-over-year basis the GTA average price increased 4% to $398,148 in May from the May 2007 average of $382,787. Prices increased 3% in the City of Toronto to $434,271 from $422,163 during the same period a year ago, while in the 905 Region there was a 5% increase to $374,629 from $355,341 last May.
“Price gains show that Toronto real estate continues to be a solid investment for the consumer,” said Ms. O’Neill. “We are confident about the Toronto real estate market because employment in the GTA continues to be strong and interest rates remain low. As long as consumers have the financial resources to buy homes and a variety of choices to manage carrying costs, the Toronto real estate market should remain stable.”
“May’s sales figures represent a 16% decline in the GTA from the record month a year ago when 11,146 sales were recorded,” said Ms. O’Neill. “But the more than 9,000 properties changing hands still represents considerable market activity.”
In the City of Toronto, there were 3,711 sales, down 19% from last May’s 4,578 sales and down 6% from May 2006. In the 905 Region, 5,700 transactions were recorded, which represents a 13% from the 6,568 sales during the same period a year ago but up 4% from May 2006.
“The Toronto Land Transfer Tax has been in effect for four months and the decline in sales has been running for the same time period,” said Ms. O’Neill. “We’re keeping a close watch on the effect of this new tax.”
Two specific areas north of Toronto experienced increased sales activity in May. In Uxbridge (N16) sales were up 10%, while Stouffville (N12) saw a 12% increase in sales, driven mainly by detached home transactions.
————————————————————————————————————
Contact the Jeffrey Team for more information - 416-388-1960
