Toronto Real Estate Steady in May
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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