Toronto Real Estate Board announced a 9.6 % year-over-year increase in home sales reported by Greater Toronto Area REALTORS® during the first 14 days of May. There were 5,655 sales reported in the first two weeks of May 2015 compared to 5,160 sales during the same period in May 2014.
The average selling price for this time period was up was by 10.7 % @ $652,782for all home types combined over the first half of May 2014 The strongest price growth was in detached homes, with the average price up by 13.8 %.
“The low-rise market segments, including detached home sales, have been the driver of average price growth in the GTA this year. While tighter market conditions have been a key factor, average price growth has remained very strong including a shift to higher priced homes.
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,” said Jason Mercer, TREB’s Director of Market Analysis.