The Toronto Real Estate market posted its third consecutive all time record performance in May, with 9,193 single-family dwellings changing hands through the TorontoMLS system, TREB President Cynthia Lai reported today. “This figure is up just slightly from April’s 9,168 figure, our previous all-time record, and up 15 per cent over May of 2003.”

“The March, April, and May period was the best three month stretch in the history of the city (27,437 sales), and 2004 is on course to be the best year our local resale market has ever seen,” Ms. Lai remarked. “As President of the Toronto Real Estate Board, these kinds of results make me very proud. In fact, when I leave office at the end of June, my term will have marked the best twelve month period that the Toronto resale market has ever recorded.”

Ms. Lai went on to say that prices continued their upward trajectory in May, with the average going to $325,501, a one per cent increase over last month, and a nine per cent increase of May of last year. Fortunately, inventory also rose, to 22,484 active listings, a nine per cent increase over the previous month. “We have plenty of listings,” Ms. Lai said. “And as long as that is the case the price increases we are seeing should be relatively constrained.”

Breaking down the total, 3,438 sales were reported in TREB’s 28 West districts and averaged $300,128; 1,559 sales were reported in the 14 Central districts and averaged $444,138; 1,848 sales were reported in the 23 North districts and averaged $349,317; and 2,348 sales were reported in TREB’s 21 East districts and averaged $265,137.

Click to view Residential Market Update – May 2004