Greater Toronto REALTORS® Report – May Resale Housing Market Figures TORONTO, June 3, 2011
Greater Toronto REALTORS® reported 10,046 sales in May 2011 – up six per cent compared to May 2010.
This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.
“Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,” said Toronto Real Estate Board President Bill Johnston. “At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.”
Homes were on the market for an average of 23 days and sold for an average price of $485,520– up nine per cent compared to $446,593.