Mid Month May 2015 Resale Home Sales

Toronto Real Estate Board President Paul Etherington announced a 9.6 per cent year-over-year increase in home sales reported by Greater Toronto Area REALTORS® during the first 14 days of May. There were 5,655 sales reported in the first two weeks of May 2015 compared to 5,160 sales during the same period in May 2014.

“It is clear that demand for ownership housing remains very strong in the GTA. 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,” said Mr. Etherington.

The average selling price for transactions reported during the first 14 days of May was $652,882 for all home types combined – up by 10.7 per cent compared to the first two weeks of May 2014. The strongest price growth was experienced in the detached market segment, with the average price up by 13.8 per cent.

“The low-rise market segments, including detached home sales, have been the driver of average price growth in the GTA this year. As market conditions have tightened, average price growth has remained very strong. However, 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. The resulting change in the mix of homes sold has also been an important factor in pushing the average price higher,” said Jason Mercer, TREB’s Director of Market Analysis. 

 

May 1st - 14th 2015 2014
  Sales VYA New Listings Average Price VYA Sales Average Price New Listings
City of Toronto ("416") 2,038 6.0% 3,222 $732,709 10.7% 1922 $661,730 3,488
Rest of GTA ("905") 3,617 11.7% 4,770 $607,747 11.2% 3238 $546,748 5,417
GTA 5,655 9.6% 7,992 $652,782 10.7% 5,160 $589,576 8,905
                 
                 
Detached 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 720 -1.9%   $1,140,962 18.4%      
Rest of GTA ("905") 2094 9.5%   $734,380 13.0%      
GTA 2814 6.3%   $838,409 13.8%      
                 
Semi-Detached 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 221 0.0%   $762,560 7.9%      
Rest of GTA ("905") 401 12.0%   $486,367 8.4%      
GTA 622 7.4%   $584,500 6.8%      
                 
Townhouse 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 256 14.8%   $558,796 11.8%      
Rest of GTA ("905") 642 11.5%   $453,701 11.3%      
GTA 898 12.4%   $483,661 11.6%      
                 
Condo Apartment 2015 Sales VYA   Average Price VYA      
City of Toronto ("416") 826 13.8%   $425,451 7.2%      
Rest of GTA ("905") 374 17.6%   $315,167 3.4%      
GTA 1200 14.9%   $391,079 6.1%      

Source: TREB

 

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Donald Lum

Donald Lum

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