Photo: Jennifer Tweedie/Flickr
We’ve said it before: May is the month of real estate madness in Toronto. According to the latest numbers from the Toronto Real Estate Board, the first two weeks of the month saw a fairly insane increase in activity: home sales were up an astonishing 19.6 per cent in comparison to the same time last year.
The average selling price for a home in the GTA came to $590,132 – up 8.9 per cent compared to the average of $542,074 reported in the first half of May 2013.
“Sales reported by Greater Toronto Realtors were up strongly during the first two weeks of May in comparison to the same time last year. However, new listings were down slightly over the same period, which means competition between buyers continued to increase and price growth remained very strong,” said Toronto Real Estate Board President Dianne Usher in the news release.
Townhouses in Toronto-proper led all property types in terms of sales growth. Transactions rose by 26.4 per cent from last May. Detached houses in the 905 followed not far behind, recording a 24.3 per cent boost in sales, year-over-year, proving the popularity of low-rise housing in the region.
Detached houses in the 416 saw the biggest leap in pricing compared to all housing types, rising by 13 per cent to an average of $966,867.
For more details check out the the table below: