Toronto Real­tors Report Monthly Resale Hous­ing Figures

Greater Toronto Real­tors reported 9,470 sales through the Mul­ti­ple List­ing Ser­vice (MLS) in May, rep­re­sent­ing a 1% dip from May 2009. In com­par­i­son to pre­vi­ous years, this was the third high­est May sales result on record.

Com­ment: This is for the entire GTA, where sales dropped in the 905 region and pulled down the aver­age. Sales were actu­ally up almost 3% in the City of Toronto.

“The pace of trans­ac­tions slowed in May fol­low­ing record]setting sales in Feb­ru­ary, March and April,said Toronto Real Estate Board Pres­i­dent Tom Lebour. Buy­ers who oth­er­wise would have been pur­chas­ing a home in May moved more quickly this year, likely to get ahead of mort­gage rate hikes.

New list­ings were up 38% annu­ally to 18,940. The aver­age price for May trans­ac­tions was $446,593, up 13% com­pared to the aver­age of $395,609 recorded in May 2009.

Com­ment: Even with sales vol­ume down out­side the city cen­tre, prices were up in both the 416 and 905 regions.

“The gap between list­ings and sales has widened, which means there is more choice for buy­ers,” said Jason Mer­cer, TREB’s Senior Man­ager of Mar­ket Analy­sis. The annual rate of price growth will slow in the sec­ond half of 2010, from the cur­rent dou­ble digit pace into the sin­gle dig­its.

Sum­mary of sales and prices:

City of Toronto (sales +2.9% | price +14.1%)
2010 Sales: 3,887 | Aver­age Price: $493,265
2009 Sales: 3,777 | Aver­age Price: $432,478

Rest of GTA (sales –4.1% | price +11.4%)
2010 Sales: 5,583 | Aver­age Price: $414,099
2009 Sales: 5,812 | Aver­age Price: $371,649

All of GTA (sales –1.3% | price +12.9%)
2010 Sales: 9,470 | Aver­age Price: $446,593
2009 Sales: 9,589 | Aver­age Price: $395,609

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

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pamela sil­ver­berg & toronto real estate

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