Masoud Behbahani
Sales Representative

Kingsway Real Estate
Brokerage

151 City Centre Dr. #300, Mississauga, ON L5B 1M7

Phone: 905-268-1000  Mobile: 416-579-1860  Fax: 905-277-0020

Market Update/News of Real Estate in Toronto and area (GTA)

June 6, 2011

Sales and Price Increase in May

 

TORONTO - June 3, 2011

 

Greater Toronto REALTORS® % reported 10,046 sales in May 2011 – up six per cent compared to May 2010. This result was the second best on record for May under the current  Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.

 

“Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,” said Toronto Real Estate

Board President Bill Johnston. “At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.”

 

Homes were on the market for an average of 23 days and sold for an average price of $485,520– up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.

 

“We have seen clear-cut seller’s market conditions emerge over the past two to three months,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year,” continued Mercer

 

Click here for the complete current issue of Market Watch in pdf file format.

 

Please do not hesitate to contact me at any time if you have any question

 

Masoud Behbahani

 


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