GTA Housing in May

May 22, 2010

Fresh info about the housing market in GTA is here! Greater Toronto Realtors reported that during the first two weeks of this month, 4,887 sales through the Multiple Listing Service were recorded in the area. If compared to 4,561 sales during the first 14 days of May 2009, it means a 7 percent rise.

Growth was also reported in new listings and average prices. New listings during the first two weeks of May 2010 rose by 48 percent, if compared to the same period last year, when their level was 10,059 units. The average price for a transaction was $448,641 in May. That is a 12 percent growth from the $399,811 recorded last May.

The president of the Toronto Real Estate Board Tom Lebour predicted (which was expected by many including myself), that the number of sales in GTA will stay high for the rest of 2010 but then dropping back to normal growth next year. So let's just enjoy the record number of sales as long as we can!