In the first two weeks of May, the average sales price for an existing GTA home rose 10.7 per cent, year-over-year, to $652,882. The Toronto Real Estate Board (TREB) notes that though tight market conditions played a role in the substantial uptick, there were other factors at play, namely a boost in transactions for high-end homes.
“The low-rise market segments, including detached home sales, have been the driver of average price growth in the GTA this year,” said Jason Mercer, TREB’s Director of Market Analysis. “Detached sales growth in the City of Toronto, for example, has been strongest for high-end homes. The resulting change in the mix of homes sold has also been an important factor in pushing the average price higher.”
As it stands, the average sale price for a detached home in the City of Toronto reached $1,057,687 in the first half of the month. The average for a detached house in the 905 came to $719,674 and not far behind, the sales price of semi-detached houses in Toronto-proper averaged $712,872.
Overall, there were 5,655 home sales in the GTA in the first two weeks of May, up 9.6 per cent from the same time last year.
If the surge in sales continues through the latter half of the month, the Toronto Real Estate Board believes the GTA is on track for breaking sales records for the month of May.