The shortage of active listings reported through Toronto MLS ®, drives demand and average selling price of homes up
With the average selling price of a home in Toronto currently sitting at $649,599—it’s safe to say that Toronto’s real estate market shows no signs of cooling down this summer. Last week, Toronto Real Estate Board President Paul Etherington announced the market figures for May 2015, as reported by Greater Toronto REALTORS®. According to sales recorded through the Toronto Real Estate Board MLS® system, there were 11,706 home sales in the GTA last month—a 6.3 per cent increase compared the same time last year.
The number detached houses for sale in Toronto, however, were lower due to the limited supply of active listings. This hasn’t discouraged determined homebuyers Toronto’s housing market. With the average price of a detached home in Toronto reaching an astounding $1,115,120, Toronto real estate agents stated that buyers still waged bidding wars on the hot commodities last month.
Out of all the home types, condominiums saw the largest increase in sales, in a year by year comparison as sales of these high-rise homes were up 12.9%, compared to last year. This could possibly be due to the number of first-time buyers taking advantage of low mortgage rates. As mentioned in a previous article, property ownership maintains a priority for many families and is considered one of the best long-term investments—both financially and emotionally.
The health of our real estate market is unwavering, and many economists project that it will see steady growth well into the rest of the year. As a cultural hub that attracts both Canadian and International investors, Toronto’s economy remains strong and shows signs of socio-economic and overall infrastructural growth.