The Toronto Real Estate Board reported 4,476 transactions through the TorontoMLS system during the first 14 days of May. This result represented a decline of 9.7% compared to the same period in 2012. Sales declines were larger for the City of Toronto, at 11.4 per cent, versus the surrounding regions where sales were down by 8.6% year-over-year.
“Despite fewer sales this year compared to last, competition between buyers in most segments of the market remained strong enough to promote annual rates of price growth above the rate of inflation. A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home,” said Toronto Real Estate Board President Ann Hannah.
The average selling price during the first two weeks of May was $543,838 – up by 5.4% in comparison to the same time frame last year. Price growth was strongest for low-rise home types, but positive price growth for condo apartments in the City of Toronto was also reported.
“Toronto’s Condo Authority”