Toronto Real Estate Sales Increase In Beginning Of May
According to the Toronto Real Estate Board’s latest Toronto MLS statistics, Toronto real estate sales increased by 14.5 per cent in the first two weeks of May 2012 over the same time in May 2011.
“Annual growth in sales was experienced across the GTA for all major home types in the first half of May. Sales growth was strongest for the condominium apartment segment. While the condo market has generally been the best supplied market over the past year, we have continued to see enough demand to exert moderate upward pressure on average selling prices in this market segment,” said Richard Silver, president of the Toronto Real Estate Board.
Prices across Toronto increased by six per cent over the same time last year to an average selling price of $517,242.
“A shortage of listings in the low-rise segment of the market has resulted in a lot of competition between buyers and above average annual rates of price growth. Tight market conditions are expected to remain in place for the balance of 2012,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board.
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