Jun 10 | Posted by Barry Cohen

May Toronto Real Estate Statistics

This spring the Greater Toronto Real Estate Market continues to experience increases in home sale price driven by a decline in available listings. Average home prices were $64,262 higher, or 15.7 per cent, from the same month last year

GTA average home prices reached $751,908, up from $649,648 in May 2015. All home types combined reported a 14.68 per cent year-over-year change according to the home price index. 

The increased average sale price across all market segments is combined with the Toronto Real Estate Board (TREB) reporting a new record of closed sales through the Multiple Listing Service (MLS) system. The 12,870 residential sales represent a 10.6 per cent increase from the same month last year. Again, all market segments experienced a high number of sales. Homes closing in May 2016 averaged 15 days on the market, three fewer than the same time last year.

At the same time as the market price increases, new listings in the MLS declined by 6.4 per cent. All market segments reported a drop in new listings, with the GTA decreasing from 18,661 in May 2015 to 17,412 last month, a difference of 1199 listings.

“Whether we’re talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices,” said Mark McLean, TREB President.

The real estate market is clearly driven by the low inventory and greater buyer demand in all market sectors. Barry Cohen Group can help get the right price for your home in today’s demanding Toronto real estate market.