Greater Toronto May 2013 Monthly Resale Housing Statistics

Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012. Sales of single detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year  over year increase in the City of Toronto.

“The sales picture in the GTA has improved markedly over the past two months. While the number of transactions  in April and May remained below last year’s levels, the rate of decline has been much smaller. A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market,” said Toronto Real Estate Board President Ann Hannah.

The average selling price for May 2013 sales was $542,174 up by 5.4 per cent in comparison to $514,567 in May 2012. The annual rate of price growth was driven by the tight lowrise segment of the market and particularly by single detached and semi-detached home transactions in the City of Toronto. Average condominium apartment prices were also up slightly in comparison to last year.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.8 per cent year-over-year.

“The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Summary of Toronto MLS Sales, Average Price and Price By Housing Style

May 1 – 31 2013

2013

2012

Sales

Average Price

Sales

Average Price

City of Toronto -416

3,840

$600,791

4,024

$566,487

Rest of GTA – 905

6,342

$506,682

6,520

$482,522

GTA

10,182

$542,174

10,544

$514,567

 May  1 – 31  2013

Sales

Average Price

416

905

Total

416

905

Total

Detached

1,475

3,731

5,206

$864,536

$602,576

$676,797

Yr/Yr % Change

3.0%

0.1%

0.9%

5.5%

4.3%

5%

Semi-Detached

434

690

1,124

$633,625

$409,632

$496,120

Yr/Yr % Change

-8.6%

-0.7%

-3.9%

7.8%

2.3%

4.1%

Townhouse

389

1,190

1,579

$463,772

$375,576

$397,303

Yr/Yr % Change

-18.3%

-3.0%

-7.3%

0.2%

4.4%

2.3%

Condo Apartment

1,499

581

2,080

$372,768

$293,398

$350,598

Yr/Yr % Change

-6.4%

-16.0%

-9.3%

1.2%

0.9%

1.6%