NEWS RELEASE 

 


GTA REALTORS® Report Monthly Resale Housing Market Figures

 

TORONTO, June 5, 2012 -- Greater Toronto REALTORS® reported 10,850 transactions through the TorontoMLS System in May 2012 – an 11 per cent increase over the 9,766 sales in May 2011.  Sales growth was strongest in the ‘905’ regions surrounding the City of Toronto.

 

“Sales growth in the ‘905’ area code was stronger than growth in the City of Toronto across all major home types.  While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the City of Toronto’s land transfer tax has also prompted many households to look outside of the City for their ownership housing needs,” said Toronto Real Estate Board (TREB) President Richard Silver.

 

New listings were up substantially on a year-over-year basis in May – rising by more than 20 per cent to 19,177. The average price for May 2012 sales was $516,787, representing an annual increase of 6.5 per cent compared to $485,362 in May 2011.  Price growth continued to be driven by the low-rise market segment.

 

“Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May.  However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

Summary of TorontoMLS Sales and Average Price

 

May 1 - 31

 

2012

2011

 

Sales

Average Price

Sales

Average Price

 

City of Toronto ("416")

4,130

$568,768

3,871

$536,655

 

Rest of GTA ("905")

6,720

$484,840

5,895

$451,680

 

GTA

10,850

$516,787

9,766

$485,362

 

TorontoMLS Sales & Average Price  By Home Type

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,480

3,868

5,348

820,816

579,892

646,565

Yr./Yr. % Change

6%

13%

11%

6%

8%

6%

Semi-Detached

490

712

1,202

591,067

400,442

478,151

Yr./Yr. % Change

6%

11%

9%

7%

10%

8%

Townhouse

488

1,256

1,744

465,366

359,382

389,038

Yr./Yr. % Change

17%

20%

19%

12%

6%

8%

Condo Apartment

1,632

704

2,336

368,147

292,416

345,324

Yr./Yr. % Change

5%

12%

7%

4%

8%

4%

 

 

 

- 30 -