Though sales figures took a tumble, price growth remained strong in Toronto according to the mid-month numbers released by the Toronto Real Estate Board (TREB).
In the first 14 days of May, sales dropped across the entire GTA by 9.7 per cent, compared to the same time in 2012. The fall was felt harder in the 416, which posted a 11.4 per cent decline in sales, while the surrounding suburbs saw sales slip by 8.6 per cent year-over-year.
Despite the declines, the average selling price during the first two weeks of the month rose by 5.4 per cent from last year to $543,838. Last month, condos drove price growth in the city, but in May, low-rise properties led the market. Semi-detached home prices in Toronto-proper saw the biggest spike, rising by 5.5 per cent to an average of $630,984. They were followed by condos, which saw a 2.1 per cent bump, rising to $377,341.
In the 905 region, detached homes proved the hottest: their prices rose by 7.5 per cent to $615,563. Townhouses followed a hair behind, rising to $384,298, for a 7.1 per cent year-over-year increase.
“Continuing the prevailing trend over the last year, the low-rise segment of the market drove overall price growth during the first half of May, as months of inventory remained below historic norms for key home types,” said Jason Mercer, TREB’s Senior Manager of Market Analysis, in the news release.
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