Jun 11 | Posted by Barry Cohen

Whenever anyone asks me (and they do constantly) how’s the real estate market in this city, or is this a good time to buy or sell – I simply answer the market is red hot and there has never been a better time to buy or sell – what are you waiting for?

Another real estate sales record was achieved for the month of May by professional realtors in the GTA.  Board members reported 11,706 sales last month compared to 11,013 in May 2014, up by 6.3 percent.  Sales were up in every major housing category in the market as a whole, however, the available inventory of detached housing remained constrained in the City of Toronto resulting in a slight decline in those sales numbers.

The average selling price in the GTA continued its upswing last month, and the average selling price for all home types including condo apartments reached $649,599. The higher annual rate of average price growth compared to the MLS Home Price Index Composite Benchmark points to the fact that the proportion of high-end home sales continued to be greater than in 2014.  The MLS Home Price Index uses benchmark homes to estimate price growth, allowing an “apples to apples” comparison that is not affected by changes in the mix of sales activity.

Last month, members of the Toronto Real Estate Board broke a record for sales transactions, despite a 10 percent drop in active listings compared to May 2014 which was the main catalyst for the hike in price growth.  Board President, Paul Etherington stated “During my tenure as TREB President over the past year, it is clear to me that ownership housing remains top of mind as a quality long-term investment for GTA households”.  Here’s a look at the actual numbers.

May Sales And Average Price By Major Home Type

    SALES

PRICE
   

416
905
TOTAL
416
905
TOTAL
Detached
1,447 4,398 5,845 $1,115,120 $735,915 $829,792
Semi-Detached
471 805 1,276 $779,523 $493,194 $598,884
Townhouse
487 1,354 1,841 $555,052 $449,705 $477,573
Condo Apartment
1,762 757 2,519 $422,947 $319,639 $391,901

 

Year Over Year Summary


2015
2014
% CHANGE
Sales
11,706 11,013 +6.3%
New Listings
18,697 18,846 -0.8%
Active Listings
18,585 20,679 -10.1%
Average Price
$649,599 584,946 +11.1%
Average Days Of Market
18 21 -14.3%

 

So, what are you waiting for?  If you want to take advantage of this strong market, I would be happy to provide you with an accurate evaluation of your home’s current market value and negotiate on your behalf to get you the best price in the least amount of time.