May 2015 Resale Home Sales

Toronto Real Estate Board President Paul Etherington announced 11,706 sales reported by Greater Toronto REALTORS® 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.

“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. 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,” said Mr. Etherington.

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.

“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. 

Source: TREB

May 2015 2014
2015 Sales Average Price New Listings Sales Average Price New Listings
Sales City of Toronto ("416") 4,189 $718,350 7,280 4051 $652,012 7,328
Rest of GTA ("905") 7,517 $611,287 11,417 6,962 $545,921 11,518
GTA 11,706 $649,599 18,697 11,013 $584,946 18,846
Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1447 -6.0%   $1,115,120 18.2%  
Rest of GTA ("905") 4398 6.4%   $735,915 13.6%  
GTA 5845 3.0%   $829,792 14.0%  
Semi-Detached 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 471 0.4%   $779,523 13.7%  
Rest of GTA ("905") 805 10.9%   $493,194 11.0%  
GTA 1,276 6.8%   $598,884 11.1%  
Townhouse 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 487 8.7%   $555,052 10.2%  
Rest of GTA ("905") 1354 7.0%   $449,705 10.9%  
GTA 1,841 7.5%   $477,573 10.7%  
Condo Apartment 2015 Sales VYA   Average Price VYA  
Sales City of Toronto ("416") 1762 12.9%   $422,947 5.5%  
Rest of GTA ("905") 757 13.8%   $319,639 3.9%  
GTA 2519 13.2%   $391,901 5.0%  





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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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