Housing Market in the GTA – May

By Elli Davis, June 15, 2012

Toronto by David Megginson

While my mind is stuck somewhere around Easter, June has come. We can thus summarize the housing situation in the Greater Toronto Area for yet another month. Here is a short summary of what May 2012 was like. Sales, listings, prices — all went up last month!

As reported by the Greater Toronto Realtors, 10,850 homes were sold through the Toronto MLS System in May 2012. In comparison with May 2011 and its 9,766 transactions, it is a solid 11.1 per cent increase, mainly caused by great numbers recorded in regions surrounding the City of Toronto rather than the city itself. New listings in the whole GTA went up even more noticeably. Their level increased by 20.2 per cent, from 15,949 to 19,177. Average price for a property moved upward as well. It rose by 6.5 per cent over the year to as much as $516,787. Low-rise home types are the main cause of the overall price increase.

These are quite satisfying results, I would say. We can even expect price moderation in the future. This would happen if new listings kept increasing at their current pace for the rest of 2012, Jason Mercer, Toronto Real Estate Board Senior Manager of Market Analysis, predicted.

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