According to the latest release from the Toronto Real Estate Board, during the first 14 days of May 2013, home sales through the TorontoMLS listings declined by 9.7 per cent to a total of 4,476 transactions compared to the same time period last year. Within the City of Toronto, declines were slightly higher on average at 11.4 per cent, but lower in surrounding areas at 8.6 per cent.
“Despite fewer sales this year compared to last, competition between buyers in most segments of the market remained strong enough to promote annual rates of price growth above the rate of inflation,” said the president of the Toronto Real Estate Board, Ann Hannah. “A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home.”
The average home selling price in Toronto increased by 5.4 per cent over the first two weeks of May this year to $543,838 compared to the first two weeks of May last year. Low-rise home types experienced the most price growth, while condos also experienced positive price growth in the City of Toronto.
“Continuing the prevailing trend over the last year, the low=rise segment of the market drove overall price growth during the first half of May, as months of inventory remained below historic norms for the key home types,” said Jason Mercer, the senior manager of Market Analysis for the Toronto Real Estate Board.
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