Toronto Real Estate Report – Statistics for May 2015
The Toronto Real Estate Board is reporting a new sales record for the month of May 2015. There were 11,706 sales compared with 11,013 sales in May of 2014.
For the majority of the GTA, sales were up for all housing types. Notably though, the limited inventory of houses for sale in Toronto resulted in a lower number of detached homes sold.
The many transactions combined with a limited supply resulted in significant price growth. The average selling price of all housing types in May 2015 was up by 11%.
“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.
Buyers and sellers saw a tremendous increase in values for detached houses and a very good increase in condo values as well.
For detached houses, the average price in the “416” is now $1,115,120 (up 18.2%)
For detached houses, the average price in the “905” is now $735,915 (up 13.6%)
For semi-detached houses, the average price in the “416” is now $779,523 (up 13.7%)
For semi-detached houses, the average price in the “905” is now $493,194 (11%)
For condos, the average price in the “416” is now $422,947 (up 5.5%)
For condos, the average price in the “905” is now $319,639 (up 3.9%)
Also in May, it is interesting to note that for all housing types most buyers purchased properties priced at $400,000-$499,000 (1955 people spent this much in May on a property).
For any other real estate statistics for Toronto, Pickering, Ajax, Whitby or anywhere else in the Greater Toronto Area don’t hesitate to contact The Weir Team.
Every street, neighbourhood and intersection has its own market. Let us show you exactly what’s going on around you.
Written by Scott Hanton, Broker for The Weir Team