Greater Toronto Resale Housing Sales Up in First Half of May

TORONTO, May 19, 2009

Greater Toronto REALTORS® reported 4,561 transactions in the first half of May - an increase of three per cent compared to May 2008. "Members reported a rise in buying activity this month," said TREB President Maureen O'Neill.

"Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market's affordability." The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811. "More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year's level," according to Jason Mercer, TREB's Senior Manager of Market Analysis. "Look for new listings to increase as home owners react to the positive news surrounding home sales and prices."

May 2009 Mid-Month Statistics

Year-Over-Year Regional Breakdown

                                           Sales        Average Price       Sales       Average Price

City of Toronto ("416")         1,864        $439,459            1,734       $437,205

Rest of GTA ("905")              2,697        $372,408           2,688        $377,344

GTA                                         4,561        $399,811           4,422         $400,817

Source: Toronto Real Estate Board

Olivera Mavrak

Olivera Mavrak

Sales Representative
CENTURY 21 Heritage Group Ltd., Brokerage*
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