The average selling price for all homes – including condos and detached – jumped 11 per cent year-over-year to $649,599 in May, making the price of entry for many first-time buyers even more unrealistic.
“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,” said Jason Mercer, TREB’s Director of Market Analysis in an official release. “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.”
Still, Toronto saw 11,706 sales reported for the month of May, a 6.3 per cent jump year-over-year from the previous mark of 11,013 in 2014.
The average price in the City of Toronto reached $718,350 compared to $652,012 in 2014.
The rest of the GTA, meanwhile, saw 7,517 sales at an average selling price of $611,287 compared to $545,921 last year.
“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,” Paul Etherington, Toronto Real Estate Board president said in the release. 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.”