Toronto Real Estate Board

Toronto Real Estate Board

June 05, 2013 07:00 ET

GTA REALTORS® Release Monthly Resale Housing Figures

TORONTO, ONTARIO--(Marketwired - June 5, 2013) - Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012. Sales of single- detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto.

"The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year's levels, the rate of decline has been much smaller. A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market," said Toronto Real Estate Board President Ann Hannah.

The average selling price for May 2013 sales was $542,174 - up by 5.4 per cent in comparison to $514,567 in May 2012. The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto. Average condominium apartment prices were also up slightly in comparison to last year.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.8 per cent year-over-year.

"The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price May 1 - 31
2013 2012
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 3,840 $ 600,791 7,264 4,024 $ 566,487 7,911
Rest of GTA ("905") 6,342 $ 506,682 11,952 6,520 $ 482,522 11,164
GTA 10,182 $ 542,174 19,216 10,544 $ 514,567 19,075

TorontoMLS Sales & Average Price By Home Type May 1 - 31, 2013
Sales Average Price
416 905 Total 416 905 Total
Detached 1,475 3,731 5,206 864,536 602,576 676,797
Yr./Yr. % Change 3.0 % 0.1 % 0.9 % 5.5 % 4.3 % 5.0 %
Semi-Detached 434 690 1,124 633,625 409,632 496,120
Yr./Yr. % Change -8.6 % -0.7 % -3.9 % 7.8 % 2.3 % 4.1 %
Townhouse 389 1,190 1,579 463,772 375,576 397,303
Yr./Yr. % Change -18.3 % -3.0 % -7.3 % 0.2 % 4.4 % 2.3 %
Condo Apartment 1,499 581 2,080 372,768 293,398 350,598
Yr./Yr. % Change -6.4 % -16.0 % -9.3 % 1.2 % 0.9 % 1.6 %

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 36,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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