With an astonishing 11,146 sales in May, the Toronto Real Estate market put in its best performance since records have been kept, President Dorothy Mason announced today.
“The Toronto Real Estate Board has been tracking the local housing market for over forty years, and there has never been a month that even approaches this level of activity,” Ms. Mason stated. “May was up 18 per cent over April, our previous record month (9,452 sales), and also up 18 per cent over May of 2006 (9,434 sales), which now ranks as the third highest sales total recorded.” Ms. Mason further noted that, according to statistics compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (for renovations, furniture purchases, and so forth) over and above direct expenditures involved in the transaction. “This means that REALTORS® and their clients have contributed over $300 million to the local economy in ancillary costs last month alone.” However, while sales sky-rocketed, price increases were restrained, with the average rising a mere five per cent to $382,787 from the $365,537 recorded during May of 2006.
Breaking down the total, 4,175 sales were reported in TREB’s 28 West districts and averaged $356,836; 2,038 sales were reported in the 14 Central districts and averaged $506,172; 2,323 sales were reported in the 23 North districts and averaged $408,391; and 2,610 sales were reported in TREB’s 21 East districts and averaged $305,168. ■