The records keep falling and the prices keep rising.
Toronto Real Estate Market Update | May 2016
May 2016 was the best May in the history of the Toronto and area residential resale market. The market has evolved in such a way that every month new records are set. May was no exception. The 12,870 reported sales were a record. That number eclipsed May 2015 sales by more than 10 percent. Last May there were 11,640 sales, which until this May, was an extremely strong number. If the market is setting volume records, it follows that the market will be generating sale prices that are also setting new records. In May the average sale price for all properties reported sold in the greater Toronto area came in at $751,908, surpassing the previous record of $739,166 established the month before. May’s average sale price exceeds last May’s average sale price by almost 16 percent. In more concrete terms, the same house will cost a buyer $102,000 more in May than it would have cost only a year ago. In the City of Toronto, the average sale price was even higher, scoring another record at $782,051. The central distric...
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