May 2014 sales, prices both up

Both the number of home sales through the TorontoMLS system and the average selling price were up strongly in May compared to a year ago.  

Total TorontoMLS sales for May 2014 amounted to 11,079 – a new high for the month of May.  This result was up by 11.4% compared to 9,946 sales reported in May 2013.  

The average selling price for these sales was $585,204, representing an 8.3% year-over-year increase compared to the average price of $540,544 in May 2013.

“We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices," says Toronto Real Estate Board president Dianne Usher.  

Based on the May statistics, buyers have been more active this spring compared to last year.
 
Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months.

Average selling prices varied across the Greater Toronto Area, depending on geography and home type.  

A detached home in the City of Toronto sold, on average, for $943,055. In the surrounding GTA regions, the average detached price was $648,439. The average price for condominium apartments was $401,809 in the City of Toronto and $307,307 in the surrounding regions.

Peter West

Peter West

Sales Representative
CENTURY 21 Percy Fulton Ltd., Brokerage*
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