The Toronto resale home market accelerated to a record pace in May, with 9,209 homes changing hands, the best ever total for May, and the second best monthly total ever recorded in the history of the Toronto Real Estate Board.

“Sales increased four per cent over April’s 8,834 total, and were up marginally over the 9,193 figure recorded in May of 2004,” TREB President Ron Abraham commented. “This 9,209 figure is also down a bare one per cent from the all-time record of 9,275 sales recorded in June of 2004.” Average prices rose another one per cent in May, going to $346,474 from April’s $342,032. They were also up six per cent from the $325,501 recorded during May of 2004. Meanwhile, at $292,950, the median increased two per cent over April, and six per cent over May of 2005.

Breaking down the total, 3,486 sales were reported in TREB’s 28 West districts and averaged $322,137; 1,618 sales were reported in the 14 Central districts and averaged $470,806; 1,809 sales were reported in the 23 North districts and averaged $370,678; and 2,296 sales were reported in TREB’s 21 East districts and averaged $276,739.

Click to view Residential Market Update – May 2005