Toronto Real Estate Board announced that both the number of home sales and the average selling price were up strongly in the month of May. Reported sales were 11,079, a new high for the month of May. This result was up 11.4% compared to 9,946 reported last year. The average selling price was $585,204 representing an 8.3% increase year-over-year.
"We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average prices. 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," said Ms. Usher, President of TREB.
In Brampton the average selling price of a detached home was $506,934, (compared to Toronto where a detached homes costs on average $943,055).
"The listing situation in the GTA did not improve in May. With listings down and sales up compared to last year, competition between buyers increased. The result was price growth well above the rate of inflation, especially for singles, semis and townhomes," said Jason Mercer, TREB's Senior Manager of Market Analysis.