The Toronto Real Estate Board reported May results for resale Homes and Condos in the Greater Toronto Area.
It appears that buyers are moving up their plans to buy, first to lock in a lower mortgage rate and second to sell or buy prior to the new HST, July 01.
Many Real Estate analysts have forecast a slowing down of the Toronto Real Estate market in the second half of 2010, and it appears this will happen with more and more MLS Listings appearing monthly (up 38 per cent annually).
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TORONTO, ONTARIO–(Marketwire – June 3, 2010) – Greater Toronto REALTORS® reported 9,470 sales through the Multiple Listing Service® (MLS®) in May, representing a one per cent dip from May 2009. In comparison to previous years, this was the third highest May sales result on record.
“The pace of transactions slowed in May following record-setting sales in February, March and April,” said Toronto Real Estate Board President Tom Lebour. “Buyers who otherwise would have been purchasing a home in May moved more quickly this year, likely to get ahead of mortgage rate hikes.”
New listings were up 38 per cent annually to 18,940. The average price for May transactions was $446,593 – up 13 per cent compared to the average of $395,609 recorded in May 2009.
“The gap between listings and sales has widened, which means there is more choice for buyers,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of price growth will slow in the second half of 2010, from the current double digit pace into the single digits.”
| Summary Of May Sales And Average Price | ||||
| May | ||||
| 2010 | 2009 | |||
| Sales | Average Price | Sales | Average Price | |
| City of Toronto (“416″) | 3,887 | $493,265 | 3,777 | $432,478 |
| Rest of GTA (“905″) | 5,583 | $414,099 | 5,812 | $371,649 |
| GTA | 9,470 | $446,593 | 9,589 | $395,609 |
| Source: Toronto Real Estate Board | ||||
| Sales & Average Price By Home Type | |||||||||||||
| May-2010 | |||||||||||||
| Sales | Average Price | ||||||||||||
| 416 | 905 | Total | 416 | 905 | Total | ||||||||
| Detached | 1,398 | 3,227 | 4,625 | 690,464 | 489,830 | 550,739 | |||||||
| Yr./Yr. % Change | 3 | % | -7 | % | -4 | % | 10 | % | 13 | % | 13 | % | |
| Semi-Detached | 503 | 627 | 1,130 | 499,936 | 339,657 | 411,002 | |||||||
| Yr./Yr. % Change | 14 | % | -4 | % | 3 | % | 11 | % | 10 | % | 12 | % | |
| Townhouse | 411 | 965 | 1,376 | 401,074 | 310,602 | 337,625 | |||||||
| Yr./Yr. % Change | 0 | % | -1 | % | -1 | % | 20 | % | 9 | % | 13 | % | |
| Condo Apartment | 1,535 | 601 | 2,136 | 340,556 | 252,484 | 315,775 | |||||||
| Yr./Yr. % Change | 0 | % | 9 | % | 3 | % | 21 | % | 12 | % | 18 | % | |
| Source: Toronto Real Estate Board | |||||||||||||
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