Sales were up for all major housing types across the TREB market area

June 3, 2015 - Another month; another record. The Toronto Real Estate Board today released it's statistics for May, 2015, which showed 11,706 home sales reported by Realtors® in Toronto and the GTA. That total represents a new record for the month of May, and a 6.3% increase over May, 2014.

Sales were up for all major housing types across the TREB market area with the exception of Detached homes within Metropolitan Toronto which were down 6.0% to 1,447 units. [All figures are year-over-year, unless otherwise noted.]

It's worthy noting that Total Active Listings are down 10.1% which likely contributed to the lower figure for the Toronto Detached group. Also contributing is likely the fact that the average selling price of a Detached home in Metro Toronto is just over 50% higher than the average for the Detached group in the balance of the GTA.

Looking more closely at the numbers, sales of Detached homes in the rest of the GTA [outside Metro Toronto] were up 6.4% to 4,398 units at an average sale price of $735,915, up 13.6%. Within Toronto, those 1,447 sales noted above traded at an average price of $1,115,120, up 18.2%. No doubt the relatively tight inventory also helped propel the strong growth in average sale price.

The overall total for Detached homes in all TREB areas was 5,845 sales, up 3.0%, at an average price of $829,792, up 14.0%.

The high price and relative scarcity of Freehold listings also, no doubt, helped MLS® sales of Condo Apartments jump 13.2% to 2,519 units across the TREB Market Area in spite of some industry watchers' concerns of a Condo glut. Condo Apartment sales were up 12.9% in Toronto to 1,762 units, and up 13.8% in the balance of the GTA to 757 units. The average selling price was up 5.5% to $422,947 in the former and up 3.9% to $319,639 in the latter [for an overall average of $391,901, up 5%].

With Total Active Listings still down, off 10.1% versus last May to 18,585, and looking at total overall sales of 11,706, we get an indicated "Forward Inventory" of just 1.59 months - or about 7 weeks - most definitely a Sellers' Market.

Homes sold "14.3% faster" this May compared to last, taking just 18 days to sell, on average [21 Days on Market last May].

Set Up Your Own Customized SmartSearch
What's your property worth today?
JustBungalows.com Home Page
Questions? Comments? ...We'd to hear from you!

Browse GTA Bungalows by City / Region:

Browse "Beyond the GTA" Bungalows by City / Region: