Toronto Real Estate Board

Toronto Real Estate Board

June 05, 2012 09:30 ET

GTA REALTORS® Report Monthly Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwire - June 5, 2012) - Greater Toronto REALTORS® reported 10,850 transactions through the TorontoMLS System in May 2012 - an 11 per cent increase over the 9,766 sales in May 2011. Sales growth was strongest in the '905' regions surrounding the City of Toronto.

"Sales growth in the '905' area code was stronger than growth in the City of Toronto across all major home types. While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the City of Toronto's land transfer tax has also prompted many households to look outside of the City for their ownership housing needs," said Toronto Real Estate Board (TREB) President Richard Silver.

New listings were up substantially on a year-over-year basis in May - rising by more than 20 per cent to 19,177. The average price for May 2012 sales was $516,787, representing an annual increase of 6.5 per cent compared to $485,362 in May 2011. Price growth continued to be driven by the low-rise market segment.

"Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May. However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price
May 1 - 31
2012 2011
Sales Average Price Sales Average Price
City of Toronto ("416") 4,130 $ 568,768 3,871 $ 536,655
Rest of GTA ("905") 6,720 $ 484,840 5,895 $ 451,680
GTA 10,850 $ 516,787 9,766 $ 485,362
TorontoMLS Sales & Average Price By Home Type
Sales Average Price
416 905 Total 416 905 Total
Detached 1,480 3,868 5,348 820,816 579,892 646,565
Yr./Yr. % Change 6 % 13 % 11 % 6 % 8 % 6 %
Semi-Detached 490 712 1,202 591,067 400,442 478,151
Yr./Yr. % Change 6 % 11 % 9 % 7 % 10 % 8 %
Townhouse 488 1,256 1,744 465,366 359,382 389,038
Yr./Yr. % Change 17 % 20 % 19 % 12 % 6 % 8 %
Condo Apartment 1,632 704 2,336 368,147 292,416 345,324
Yr./Yr. % Change 5 % 12 % 7 % 4 % 8 % 4 %

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 34,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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Contact Information

  • Media Inquiries:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com