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May Sales Strong to Mid-Month

TORONTO, May 18, 2005 -- With 4,367 transactions recorded to-date in May, the Toronto resale housing market is running ahead of both last month and of May 2004, TREB President Ron Abraham announced today.

"Sales are up nine per cent over the 4,017 recorded to the same time in April, and up five per cent over the 4,367 recorded in May of last year. With twelve sales days left, we will likely see a strong month-end total as well."

The President went on to note that TREB’s Central Region has shown particularly strong activity so far in 2005.

"While year-to-date sales have moderated by about four per cent from the record-breaking 2004 in the Greater Toronto Area as a whole, our Central districts are running one per cent ahead of last year, with 5,387 transactions recorded to date."
Mr. Abraham added that the market as a whole has shown stability throughout the spring.

"Historically, sales activity in May tends to be about two and a half per cent higher than in April, on average, so a nine per cent climb over last month is a positive sign for the strength of the spring market," he said.

A few areas showed exceptionally high sales totals early in the month. North of the city, the Western part of Markham showed 27 per cent more sales activity than in the first half of April. In the West, the South Humber area of Etobicoke showed an increase of 94 per cent over the first half of last month. In the East, the Wexford and Dorset Park areas of Scarborough saw the number of transactions increase by 82 per cent compared to the first half of last month. In the Central areas, sales totals in Leaside and Thorncliffe Park increased by 50 per cent over the same time frame.

Meanwhile, average prices continued to climb in May, rising three per cent to $346,212 over the $337,279 recorded to the middle of last month, and up six per cent from the end of May ’04.

Serving more than 21,000 REALTORS throughout the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.



* Please note that TREB counts by business or sales days. In a 30 day month, there will usually be about 20 sales days, depending on when the weekends fall, holidays,
and so on.



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