The Greater Toronto Area is set for record home sales in May, if the current trend continues.
“It is clear that demand for ownership housing remains very strong in the GTA,” Paul Etherington, president of the Toronto Real Estate Board said in an official release for May’s mid-month housing sales figures. “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.”
There have been 5,655 home sales so far this month, representing a 9.6 per cent year-over-year increase.
Along with sales, the average house price increased as well, jumping 10.7 per cent to $652,882, due, in large part, to strong performance by detached homes.
“The low-rise market segments, including detached home sales, have been the driver of average price growth in the GTA this year,” Jason Mercer, TREB’s director of market analysis said. “As market conditions have tightened, average price growth has remained very strong.”
The average price for a detached home in the 416 was $1,057,687, compared to $719,674 in the 906 area.
Meanwhile, the average condo price in the GTA is now $367,101.
“While tighter market conditions have been a key factor, so too has been a shift to higher priced homes. Detached sales growth in the City of Toronto, for example, has been strongest for high-end homes,” Mercer said. “The resulting change in the mix of homes sold has also been an important factor in pushing the average price higher.”