May 2016 Mid-Month Statistics From Toronto Real Estate Board

6,010 sales through TREB's MLS System was reported by Greater Toronto Area Realtors during the first two weeks of May 2016. This number represented a 7.1 per cent increase from May 2015. During the first two of May in 2015, 5,610 sales were reported.

Year-over-year sales growth for low-rise home types was the strongest in the area surrounding the City of Toronto. The annual rate of sales growth for single family homes, semi-detached homes and townhouses were lower in the '416' area code due to lack of listings in many Toronto neighbourhoods.

There are numerous buyers in the marketplace however, the issue is that a large number of households have not been able to find a home that meets their criteria.

During the first two weeks of May, the average selling price of a home was $758,626. This number represented a year-over-year increase of 16.1 per cent. For the same time period in 2015, the average selling price was $653,274. Double digit annual rates of average price growth were seen for all major home types.

The annual rate of average price growth for condo units was more than 10 per cent for the City of Toronto and surrounding areas.

Reference: Toronto Real Estate Board