The number of transactions in May slowed compared to previous months, but
average price was still up compared to previous month, to $446,593
More details to come!
May Sales Remain High
June 3, 2010 -- Greater Toronto REALTORS(r) reported 9,470 sales through the
Multiple Listing Service(r) (MLS(r)) in May, representing a one per cent dip
from May 2009. In comparison to previous years, this was the third highest
May sales result on record.
"The pace of transactions slowed in May following record-setting sales in
February, March and April," said Toronto Real Estate Board President Tom
Lebour. "Buyers who otherwise would have been purchasing a home in May moved
more quickly this year, likely to get ahead of mortgage rate hikes."
New listings were up 38 per cent annually to 18,940. The average price for
May transactions was $446,593 - up 13 per cent compared to the average of
$395,609 recorded in May 2009.
"The gap between listings and sales has widened, which means there is more
choice for buyers," said Jason Mercer, TREB's Senior Manager of Market
Analysis. "The annual rate of price growth will slow in the second half of
2010, from the current double digit pace into the single digits."