TREB: May 2013 Mid-Month Resale Housing Figures

The Toronto Real Estate Board (TREB) have released their May 2013 mid-month resale housing report.  According to the report, the average selling price in the GTA has gone up during the first two weeks of May, compared to the same time period last year, and the number of transactions has declined by 9.7%.  Check out the report below or visit the TREB website for more information.

GTA REALTORS® Release Mid-Month Resale Housing Figures

 May 16, 2013 — Greater Toronto Area REALTORS® reported 4,476 transactions through the TorontoMLS system during the first 14 days of May.  This result represented a decline of 9.7 per cent compared to the same period in 2012.  Sales declines were larger for the City of Toronto, at 11.4 per cent, versus the surrounding regions where sales were down by 8.6 per cent year-over-year.

“Despite fewer sales this year compared to last, competition between buyers in most segments of the market remained strong enough to promote annual rates of price growth above the rate of inflation.  A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home,” said Toronto Real Estate Board President Ann Hannah.

The average selling price during the first two weeks of May was $543,838 – up by 5.4 per cent in comparison to the same time frame last year.  Price growth was strongest for low-rise home types, but positive price growth for condo apartments in the City of Toronto was also reported.

 “Continuing the prevailing trend over the last year, the low-rise segment of the market drove overall price growth during the first half of May, as months of inventory remained below historic norms for key home types,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.