Greater Toronto Area REALTORS® have reported a 9.6 per cent year-over-year increase in home sales during the first two weeks of May, according to The Toronto Real Estate Board (TREB).
5,655 sales were reported during this period, compared to 5,160 sales during the same time frame in May 2014.
“It is clear that demand for ownership housing remains very strong in the GTA,” says Paul Etherington, TREB President. “So much so that, if the pace of sales experienced in the first half of this month is sustained in the second half, we will see record home sales for the month of May.”
The average selling price for all home types totals $652,782, a 10.7 per cent boost from the first two weeks of May 2014, while the detached market shows the strongest growth with a 13.8 per cent increase.
Jason Mercer, TREB’s Director of Market Analysis, says the low-rise market, including detached home sales, has “been the driver of average price growth in the GTA.” This average growth has remained strong through tighter market conditions and the move to more expensive homes.
“Detached sales growth in the City of Toronto, for example, has been strongest for high-end homes,” he says. “The resulting change in the mix of homes sold has also been an important factor in pushing the average price higher.”