The Toronto Real Estate Board reported 4,561 sales in the first half of May, an increase of 3% over May 2008. If sales continue this pace, May 2009 will be the first month since December 2007 to report a year over year increase in monthly sales.
“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill. “Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market's affordability.”
Prices were also in line with last year, down just one-half of one percent to $399,811.
“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year's level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”
May 21, 2009Market |