Home sales in the Toronto, Canada, metro area reached an all-time high in May, as prices continued to grow, the Toronto Real Estate Board reported today.
The 9,434 transactions that took place last month were 2 percent higher than May 2005 and nearly 2 percent above the previous monthly record of 9,275 sales set in June 2004, according to TREB.
“This result is very positive for a number of reasons,” said TREB President John Meehan. “We are seeing strong sales totals, yet the pace is very steady and controlled, which is a good sign. This speaks to the overall health of the (Greater Toronto area) housing market.”
The Scarborough waterfront was one of the most active areas during the month, as Guildwood and Scarborough Village saw 33 percent more transactions than during May of last year. A strong increase in sales of condominiums and townhomes helped fuel the increase, though the majority of transactions were detached homes.
Willowdale, in North Toronto, saw 25 percent more homes change hands than during May 2005, with condominiums showing the largest increase of any housing type.
Immediately north of Willowdale just outside Toronto city limits, Thornhill showed a 34 percent increase in overall sales compared to last May.
The average price of an existing home in the metro area rose to $365,537 in May, up 5.5 percent from $346,474 reported a year ago.
The Toronto Real Estate Board serves more than 23,000 Realtors throughout the Greater Toronto area.
What’s your opinion? Send your Letter to the Editor to firstname.lastname@example.org.