By Ilan Joseph, Broker, ABR®, e-PRO®, AMP® | TopTorontoAgent.ca
June 5, 2013 | © All rights reserved
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GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES
TORONTO, June 5, 2013 -- Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012. Sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto.
“The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller. A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market,” said Toronto Real Estate Board President Ann Hannah.
The average selling price for May 2013 sales was $542,174 – up by 5.4 per cent in comparison to $514,567 in May 2012. The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto. Average condominium apartment prices were also up slightly in comparison to last year.
The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.8 per cent year-over-year.
“The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
| Summary of TorontoMLS Sales and Average Price May 1 - 31 | |||||||||||||
| 2013 | 2012 | ||||||||||||
| Sales | Average Price | New Listings | Sales | Average Price | New Listings | ||||||||
|
City of Toronto ("416") |
3,840 | $600,791 | 7,264 | 4,024 | $566,487 | 7,911 | |||||||
|
Rest of GTA ("905") |
6,342 | $506,682 | 11,952 | 6,520 | $482,522 | 11,164 | |||||||
|
GTA |
10,182 | $542,174 | 19,216 | 10,544 | $514,567 | 19,075 | |||||||
| TorontoMLS Sales & Average Price By Home Type May 1 - 31, 2013 | |||||||||||||
| Sales | Average Price | ||||||||||||
| 416 | 905 | Total | 416 | 905 | Total | ||||||||
|
Detached |
1,475 | 3,731 | 5,206 | 864,536 | 602,576 | 676,797 | |||||||
|
Yr./Yr. % Change |
3.0% | 0.1% | 0.9% | 5.5% | 4.3% | 5.0% | |||||||
|
Semi-Detached |
434 | 690 | 1,124 | 633,625 | 409,632 | 496,120 | |||||||
|
Yr./Yr. % Change |
-8.6% | -0.7% | -3.9% | 7.8% | 2.3% | 4.1% | |||||||
|
Townhouse |
389 | 1,190 | 1,579 | 463,772 | 375,576 | 397,303 | |||||||
|
Yr./Yr. % Change |
-18.3% | -3.0% | -7.3% | 0.2% | 4.4% | 2.3% | |||||||
|
Condo Apartment |
1,499 | 581 | 2,080 | 372,768 | 293,398 | 350,598 | |||||||
|
Yr./Yr. % Change |
-6.4% | -16.0% | -9.3% | 1.2% | 0.9% | 1.6% | |||||||
If you have any questions about the real estate market in Toronto, Vaughan or Thornhill, feel free to contact me.
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Ilan Joseph is a Real Estate Broker with Sutton Group and is co-founder of a 10-person award-winning Toronto, Thornhill and Vaughan real estate team. You can find him on LinkedIn, Twitter, YouTube and Google+. For over 10 years, Ilan has provided more than 1400 buyers and sellers valued advice and service, enabling them to reach their real estate goals. He’s kind of like the Bruce Willis of real estate.
