The housing market in Toronto is showing no signs of slowing down.
The latest numbers from the Toronto Real Estate Board show 12,870 homes were sold through MLS last month.
That’s 10.6% higher than the same time last year and it sets a new record for May.
However, the number of new listings was down 6.4% over the same time period, in both low-rise and condo market segments.
Home prices also rose over the same time last year.
In Toronto, the average price in May was $782,051. When you break the numbers down even further, the average price of a single detached home was $1,285,693.
The average for the GTA was recorded at $734,924.
“Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices.” – Mark McLean. President at Toronto Real Estate Board.
“Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well.” – Jason Mercer, TREB’s Director of Market Analysis.