We’ve seen it before this spring. Though sales were down, prices were up for the month of May according to new numbers released from the Toronto Real Estate Board (TREB).
The biggest gainer in the GTA was the semi-detached market in Toronto-proper, which saw prices spike by 7.8 per cent to $633,625. Proving that the low-rise market in the 416 is still red-hot, detached home values climbed by 5.5 per cent to $864,536 over May.
Condos didn’t see the same large price jumps as in the previous months, but they still saw a modest increase in values, rising by 1.6 per cent throughout the entire GTA.
“The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller,” said Toronto Real Estate Board President Ann Hannah in the news release.
“A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market.”
For more details check out the charts below…