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GTA May Resale Housing Sales Up 11%
Greater Toronto Realtors reported 10,850 transactions through the TorontoMLS System in May 2012 – an 11 per cent increase over the 9,766 sales in May 2011. Sales growth was strongest in the ‘905’ regions surrounding the City of Toronto.
“Sales growth in the ‘905’ area code was stronger than growth in the City of Toronto across all major home types. While lower average prices are certainly one factor that has contributed to this trend, recent polling also suggests that the City of Toronto’s land transfer tax has also prompted many households to look outside of the City for their ownership housing needs,” said Toronto Real Estate Board (TREB) President Richard Silver.
New listings were up substantially on a year-over-year basis in May – rising by more than 20 per cent to 19,177. The average price for May 2012 sales was $516,787, representing an annual increase of 6.5 per cent compared to $485,362 in May 2011. Price growth continued to be driven by the low-rise market segment.
“Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May. However, if new listings continue to grow at the pace they did in May for the remainder of 2012, the annual rate of price growth should begin to moderate on a sustained basis,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
See the full Toronto Real Estate Market Watch report »
June 5, 2012 in Toronto Real Estate Market | Permalink
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Comments
Thanks for sharing.
Posted by: Living Arts Condos | Aug 15, 2012 10:29:01 AM
Strong competition between buyers seeking to purchase low-rise home types drove strong price growth in May.Toronto Land Transfer Taxes so that is is in line with every other municipality in Ontario..
Posted by: Vaughan Homes for Sale | Aug 4, 2012 4:44:29 AM
The real estate has started to rise up again after a facing downfall. The rate of house sales is quite high which a positive sign is for the real estate buyers, sellers, investors and agents. In Pakistan, the real estate investment rate has been increased and local residents as well as foreigners are investing in the projects like DHA Lahore and DHA valley Islamabad.
Posted by: Iftikhar Anjum | Jul 6, 2012 3:17:18 AM
Great news! We doubt that there will be a real estate 'burst' even though everyone is talking about it. Toronto is getting 10 000 new inhabitants annually (on average!). The market will definitely have to go vertical - hence the massive boom in condos.
Posted by: Groperty | Jul 4, 2012 4:55:39 PM
Thanks for sharing the data. It shows the real estate prices are heating up once again. Good news for realtors, developers, agents.
Posted by: Mammoth Properties for Sale | Jun 15, 2012 8:13:56 AM
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