GTA Resale Housing Market Moderate in May

May 20, 2008 -- Moderate sales and healthy price increases continued to characterize the GreaterToronto Area resale housing market during the first half of May, Toronto Real Estate Board President Maureen O’Neill announced today.

“With 4,422 sales throughout the GTA in the first two weeks of this month, activity has declined 12 per cent compared to the 5,003 homes sold during the first half of May 2007,” said Ms. O’Neill. “Prices however, continue to be strong, averaging $400,817 in the GTA, up six per cent from the $377,612 reported a year ago.”

In the City of Toronto, there were 1,734 sales, representing a 15 per cent decline from the 2,053 homes sold during the first half of May 2007 and an 11 per cent decline from 006. The average price in the 416 is $437,205, up six per cent from $412,701 a year ago.

In the 905 Region, there were 2,688 sales, down nine per cent from 2,950 a year ago but up four per cent from the same period in 2006. At $377,688, the average price is up seven per cent from the $353,192 recorded during the same timeframe in May of 2007.
Despite moderate sales overall, some neighbourhoods experienced heightened activity during the first half of May. The GTA is showing signs for a healthy 2008 compared to the diminished activity during the first quarter of 2008.

The Danforth (E03) saw sales increase 29 per cent overall compared to the same timeframe a year ago due to strong detached home sales.
Interest in detached homes also led Streetsville (W20) to a five percent overall sales increase compared to a year ago.

In the Annex (C02) transactions rose 39 per cent compared to the same period a year ago, driven by strong condominium apartment and detached home sales.
Richmond Hill South (N03) saw strong sales in most property types resulting in a three per cent increase compared to a year ago.

“In recent years, homebuyers have faced a major challenge with respect to limited selection,” said Ms. O’Neill. "Now though, inventory is up 11 per cent compared to a year ago, which has resulted in more choice for home buyers and will a positive effect on the quality of available listings.”

A wider selection from which to choose has also resulted in increased Days on Market, which has risen to 35 from last year's 28.

“The Greater Toronto Area offers a wide array of housing stock to fit almost any budget; I encourage anyone thinking of making a move to contact their REALTOR® to learn more about all of their options.”