NEWS RELEASE



GTA REALTORS® ReLEASE Mid-Month Resale HOUSING Figures

TORONTO, May 19, 2015 -- Toronto Real Estate Board President Paul Etherington announced a 9.6 per cent year-over-year increase in home sales reported by Greater Toronto Area REALTORS® during the first 14 days of May.  There were 5,655 sales reported in the first two weeks of May 2015 compared to 5,160 sales during the same period in May 2014.

“It is clear that demand for ownership housing remains very strong in the GTA.  So much so that, if the pace of sales experienced in the first half of this month is sustained in the second half, we will see record home sales for the month of May,” said Mr. Etherington.

The average selling price for transactions reported during the first 14 days of May was $ 652,782 for all home types combined – up by 10.7 per cent compared to the first two weeks of May 2014.  The strongest price growth was experienced in the detached market segment, with the average price up by 13.8 per cent.

“The low-rise market segments, including detached home sales, have been the driver of average price growth in the GTA this year.  As market conditions have tightened, average price growth has remained very strong.  However, while tighter market conditions have been a key factor, so too has been a shift to higher priced homes.  Detached sales growth in the City of Toronto, for example, has been strongest for high-end homes.  The resulting change in the mix of homes sold has also been an important factor in pushing the average price higher,” said Jason Mercer, TREB’s Director of Market Analysis.

 

Summary of TorontoMLS Sales and Average Price May 1-14, 2015

2015

2014

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,038

732,709

3,524

1,922

661,730

3,488

Rest of GTA ("905")

3,617

607,747

5,536

3,238

546,748

5,417

GTA

5,655

652,782

9,060

5,160

589,576

8,905

TorontoMLS Sales & Average Price  By Home Type May 1-14, 2015

Sales

Average Price

416

905

Total

416

905

Total

Detached

720

2,094

2,814

$1,140,962

$734,380

$838,409

Yr./Yr. % Change

-1.9%

9.5%

6.3%

18.4%

13.0%

13.8%

Semi-Detached

221

401

622

$762,560

$486,367

$584,500

Yr./Yr. % Change

0.0%

12.0%

7.4%

7.9%

8.4%

6.8%

Townhouse

256

642

898

$558,796

$453,701

$483,661

Yr./Yr. % Change

14.8%

11.5%

12.4%

11.8%

11.3%

11.6%

Condo Apartment

826

374

1,200

$425,451

$315,167

$391,079

Yr./Yr. % Change

13.8%

17.6%

14.9%

7.2%

3.4%

6.1%