GTA home sales increase by 9.6% over early May 2014

Mary Gallagher —

Toronto Real Estate Board President Paul Etherington announced a 9.6 per cent year-over-year increase in home sales reported by Greater Toronto Area REALTORS® 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 Mr. Etherington.

The average selling price for transactions reported during the first 14 days of May was $652,882 for all home types combined – up by 10.7 per cent 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 per cent.

“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.

Summary of TorontoMLS Sales and Average Price May 1-14, 2015
2015 2014
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto (“416”) 2,038 732,709 3,524 1,922 661,730 3,488
Rest of GTA (“905”) 3,617 607,747 5,536 3,238 546,748 5,417
GTA 5,655 652,782 9,060 5,160 589,576 8,905
TorontoMLS Sales & Average Price By Home Type May 1-14, 2015
Sales Average Price
416 905 Total 416 905 Total
Detached 720 2,094 2,814 $ 1,140,962 $ 734,380 $ 838,409
Yr./Yr. % Change -1.9 % 9.5 % 6.3 % 18.4 % 13.0 % 13.8 %
Semi-Detached 221 401 622 $ 762,560 $ 486,367 $ 584,500
Yr./Yr. % Change 0.0 % 12.0 % 7.4 % 7.9 % 8.4 % 6.8 %
Townhouse 256 642 898 $ 558,796 $ 453,701 $ 483,661
Yr./Yr. % Change 14.8 % 11.5 % 12.4 % 11.8 % 11.3 % 11.6 %
Condo Apartment 826 374 1,200 $ 425,451 $ 315,167 $ 391,079
Yr./Yr. % Change 13.8 % 17.6 % 14.9 % 7.2 % 3.4 % 6.1 %
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