For only the third time in history, 8,000 plus existing home sales were recorded through the Toronto MLS system, TREB President Ann Bosley reported today. “Although the precise figure of 8,025 sales is down marginally from last May’s 8,042, it is by far the best result for 2003 to date. Given our city’s troubled spring, to see such a robust Toronto re-sale market is very encouraging.

Prices continued their upward progress in May, going to $298,451 from April’s $292,783, a two per cent increase, and up seven per cent over May of last year. “This is clearly good news for sellers,” Mrs. Bosley said. “However, active listings climbed eight per cent during the month, to 21,747. Eventually the increase in inventory will exert a welcome moderating effect on sold values.”

Breaking down the total, 3,061 sales were reported in TREB’s 28 West districts and averaged $274,189; 1,299 sales were reported in the 14 Central districts and averaged $412,733; 1,615 sales were reported in the 23 North districts and averaged $321,263; and 2,050 sales were reported in TREB’s 21 East districts and averaged $244,292.

Click to view Residential Market Update – May 2003