The Toronto Real Estate Board reported a 9.6% year-over-year increase in home sales 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 TREB President Paul 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% 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%.
“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.
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