Toronto Resale Housing Market Moderate in May
Moderate sales and healthy price increases continued to characterize the Greater Toronto Area resale housing market during the first half of May, Toronto Real Estate Board President Maureen O’Neill announced today.
“With 4,422 sales throughout the GTA in the first two weeks of this month, activity has declined 12 per cent compared to the 5,003 homes sold during the first half of May 2007,” said Ms. O’Neill.
“Prices however, continue to be strong, averaging $400,817 in the GTA, up six per cent from the $377,612 reported a year ago.”
In the City of Toronto, there were 1,734 sales, representing a 15 per cent decline from the 2,053 homes sold during the first half of May 2007 and an 11 per cent decline from the 1,941 homes sold during the same period in 2006. The average price in the 416 is $437,205, up six per cent from $412,701 a year ago. In the Annex (C02) transactions rose 39 per cent compared to the same period a year ago, driven by strong condominium apartment and detached home sales.
“Now though, inventory is up 11 per cent compared to a year ago, which has resulted in more choice for home buyers and will a positive effect on the quality of available listings.”
A wider selection from which to choose has also resulted in increased Days on Market, which has risen to 35 from last year’s 28.