Toronto Real Estate Update June 2011

Newmarket Real Estate : Aurora Real Estate & Keswick
Aurora Homes For Sale : Richmond Hill Homes For Sale : Newmarket Homes for Sale

Toronto Real Estate Update June 2011

Your Monthly Real Estate Update
June 2011

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Sales And Price Increases In May

I hope this report finds you well!

The number of sales increased in May 2011 compared to May 2010 which is a sign of consumer confidence. This is amazing considering the number of homes for sale was down considerably this May compared to the same month last year.

Check out the detailed market report below and then click on the following links to view our featured listings (Including Open Houses), Search 1000's of Homes, get Your Area Report and more!


Real Estate Market Statistics

Greater Toronto REALTORS® reported 10,046 sales in May 2011 - up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year.

"Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May," said Toronto Real Estate Board President Bill Johnston. "At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings."

Homes were on the market for an average of 23 days and sold for an average price of $485,520- up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.

"We have seen clear-cut seller's market conditions emerge over the past two to three months," explained Jason Mercer, TREB's Senior Manager of Market Analysis. "The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year," continued Mercer.

From The Toronto Real Estate Board (TREB) Market Watch June 3rd, 2011. TREB includes: York, Durham, Peel and part of Simcoe Regions.

 

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