Hot Toronto Real Estate Market Continues to Soar

Toronto's real estate market is super hot and it set a new record last month with almost 13,000 homes sold. This figure represents a 10.6 per cent increase from May 2015 which was already one of Canada's hottest real-estate market.

The average sale price of a home in Toronto last month was $782,051. The average price in the rest of GTA was $734,924.

The Toronto Real Estate Board reported that there were 12,870 homes of all types sold through MLS during the month of May. 4,638 of them were sold in Toronto and 8,232 were sold in the surrounding areas.

According to TREB, there is a shortage of listings for low-rise types of housings like single family homes. This had driven up prices by creating heated competition between buyers.

Jason Mercer, TREB's director of market analysis stated that widespread competition between buyers of single family homes, semis and townhouses throughout GTA has underpinned the strong rates of price growth seen so far this year.

In Toronto, the average price of a detached house was $1.28 million last month. This figure represents a 15.2 per cent increase from last year.

Reference: CP24

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