Great Home Sales in May for GTA!!

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The housing market in the GTA has seen a great increase in an annual period. Last year at this time the average selling price was upwards of  $540,000. Looking ahead to present day, the current average selling price for May was now $585,000.

Condo's seekers were on the rise as well, as those who were essentially pushed out of the housing market due to steep prices, didn't mind settling for a condo. Condo prices in the month of May for Toronto were upwards of $400,000.

Overall the unit sales were up for both condos and homes as well;
  • Houses Increased 13%
  • Condos Increased 8.4%
  • Active Listings Decreased 9%
With the amount of active listings down, this reads competition for any new house and condo buyers. The increase in bidding wars between buyers and prices going well above inflation.

Town-homes and semis still saw the most sales through their affordability for buyers. 

In looking at the months ahead if your a buyer, now is the time to buy as the average sale prices for condos and homes will slowly increase as the listings decline and due to more demand. Its is important to consider your needs for location and living space as their is a huge difference in average sales of the 416 area being $943,000 for detached, and the 905 area at $648,000.

For full details check out the link below.
House Sales in GTA Have Best Month Ever




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