May 2015 reported 11,706 sales by Greater Toronto REALTORS resulting in an increase of 6.3% in comparison to 11,013 sales reported in May 2014. Sales for all major housing types were up for the TREB market area as a whole, however – sales for detached homes in the City of Toronto were down.
“During my tenure as TREB President over the past year, it is clear to me that ownership housing remains top of mind as a quality long-term investment for GTA households. This is why, despite a shortage of listings in some market segments, we experienced a record number of sales reported through TREB’s MLS® System for the month of May,” said Mr. Etherington.
The strength in price growth was resulted in record May transactions, coupled with a dip in the number of homes available for sale. The average selling price for all home types combine in May 2015 was up by 11% annually to $649,599. The higher annual rate of average price growth compared to the MLS® Home Price Index (HPI) Composite Benchmark points to the fact that the proportion of high-end home sales continued to be greater compared to 2014.
“Tight market conditions, especially for singles, semis and town homes in the GTA, have resulted in strong price growth regardless of the price metric being considered. With no relief so far on the listings front, expect similar rates of price growth as we move through the remainder of 2015. At this point, a number of months where listings growth outstrips sales growth would be required to satisfy pent-up demand,” said Jason Mercer, TREB’s Director of Market Analysis.