Realtors in the Greater Toronto Area reported 10,046 transactions for the month of May 2011; which is an increase of 6% compared to May 2010. This represents the second best May on record under the current Toronto Real Estate Board. New listings for the month of May was 16,076, which has been down 15% compared to last year.
The average price for last May was $446,593, last month the average price was $485,720, which is up 9%. On average homes were on the market for 23 days. The strongest price growth was experienced for single detached homes sold in the City Of Toronto.
According to the President of TREB, ”Positive economic news and low borrowing costs led to strong sales through the first five months of the year. The market has become much tighter compared to last year, due to a substantial dip in new listings”
We have seen a seller’s market in the past two to three months. Jason Mercer predicts, "The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a balanced market."
We have seen a seller’s market in the past two to three months. Jason Mercer predicts, "The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a balanced market."
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