Greater Toronto REALTORS® reported 10,850 transactions through the TorontoMLS system in May 2012 – an 11 per cent increase over the 9,766 sales in May 2011. The average price for May 2012 sales was $516,787, compared to $485,362 in May 2011. This represented an annual increase of 6.5 per cent, down from the 8.5 per cent increase in April. full report
New listings were up substantially on a year-over-year basis in May – rising by more than 20 per cent to 19,177.
“If new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.