Hot Toronto Real Estate Market Continuing
Toronto Real Estate Board announced 11,706 sales through MLS in May 2015. This result was up by 6.3 per cent in comparison to 11,013 sales reported in May 2014.
For the TREB market area as a whole, sales were up for all major housing types. However,in the City of Toronto, where the supply of low-rise listings has been constrained, sales were down for detached homes.
Record May transactions, coupled with a dip in the number of homes available for sale, resulted in strong price growth. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent year over year in May. The MLS® HPI uses
benchmark homes to estimate price growth. This allows for an “apples to apples” comparison of price growth that is not affected by changes in the mix of sales activity.
The average selling price for all home types combined in May 2015 was up by 11 per cent annually to $649,599. The higher annual rate of average price growth compared to
the MLS® HPI Composite Benchmark points to the fact that the proportion of high-end home sales continued to be greater compared to 2014.