Photo: Sameer Vasta/Flickr
While May is traditionally one of the strongest months for real estate activity in the GTA, last month was a powerhouse. According to the Toronto Real Estate Board (TREB), the region saw 11,070 existing home sales. Not only was it a new high for the month of May, but it represented an 11.4 per cent spike in sales over May 2013.
Even though there was a meteoric rise in sales, listings were down. Last month saw 18,931 new listings come on the market, compared to 19,080 new listings last year. That helps explains why prices continue their march upward. The average selling price for a home in the GTA rose 8.3 per cent year-over-year to $585,204.
“With listings down and sales up compared to last year, competition between buyers increased. The result was price growth well-above the rate of inflation, especially for singles, semis and townhomes,” said Jason Mercer, TREB’s Senior Manager of Market Analysis, in the news release.
“It is also important to point out that even though the condo apartment market segment remains comparatively well-supplied, as new project completions have generally led to an uptick in listings, we have seen enough buyer interest to prompt strong condo price growth as well.”
Here’s a look at some of the numbers:
Biggest jump in sales
- Townhouses in the 416 saw an 18.8 per cent increase in sales as buyers attempted to get a foothold on the always hot low-rise market.
- The 669 condo sales in the 905 represented a 16.1 per cent increase over the previous year.
- Detached houses in the 905 rose by 15.2 per cent, year-over-year.
Biggest price gains
- Prices for townhouses in Toronto-proper rose 10.1 per cent to a new average of $503,737.
- Semi-detached homes in the 905 saw prices increase by 8.4 per cent to $443,644.
- Townhouses in the 905 region followed close behind, reaching an average of $405,051, for an 8.2 per cent increase of May 2013.
For more details, check out the table below:
These numbers deal specifically with resale properties. Using our Market Snapshot tool, we looked into the new construction market to see what supply was like for the ever-popular townhouse. Currently, there are listings for 115 different projects that feature new construction townhouses in Toronto-proper.
Among the major suburban markets, Brampton has the most projects involving townhouse components with 26 new projects listed. It’s followed by Vaughan, which features 18 projects that incorporate townhomes. Mississauga is home to 16 different projects, Richmond Hill currently has 14 and Markham has 10 different projects on the market.