With 9,434 sales recorded last month, May 2006 has proven to be the best month ever recorded in the 86 year history of the Toronto Real Estate Board, TREB President John Meehan announced today.

“The May figure is up over two per cent from May 2005, when 9,209 sales were recorded, and up almost two per cent over the previous best ever month, June 2004, when 9,275 sales were recorded. The Toronto re-sale market is as healthy as it has ever been.” The president noted that the average price came in at $365,537 last month, compared to April’s $366,683. “The key is that 17,685 new listings came onto the system in May, which pushed total inventory levels to 26,220 active listings at month-end. Both figures are up considerably over their year ago levels (seven and five per cent, respectively), and this is keeping price inflation to a reasonable level.”

Breaking down the total, 3,504 sales were reported in TREB’s 28 West districts and averaged $340,841; 1,739 sales were reported in the 14 Central districts and averaged $483,682; 1,898 sales were reported in the 23 North districts and averaged $390,999; and 2,293; sales were reported in TREB’s 21 East districts and averaged $292,600.

Click to view Residential Market Update – May 2006