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May 2015 - A Red-Hot Month in Toronto Real Estate

 

Toronto condo & Rosehill Reservoir

The Toronto Real Estate Board reports that 11,706 houses and condominiums were sold in May 2015.  This is another record for sales in a one month period and bests the numbers for May 2014 by 6.3%.  The average sale price of any residential property in the Greater Toronto Area rose by 11.1% from the previous year to $649,599. 

Interestingly, the sales of detached houses in the 416 area were down by 6% from May of 2014, while condominium sales were up 12.9%.  This doesn’t indicate lack of interest in detached homes, but rather, a lack of supply.  In the Toronto market as a whole, the number of listings currently on the market declined by 10.1%; the number of new listings coming in to replace sold properties fell by 0.8%.

In Rosedale, Forest Hill, North Toronto and Lawrence Park, the average sales price to listing price ratio for a detached house was 100 - 103%, while the average number of days on the market was 12 - 15.  A sales to listing ratio of over 100% indicates bidding wars; fewer than 30 days on market speaks of many Buyers chasing a small number of opportunities. 

Traditionally, home sales peak in May as families scramble to secure accommodation before the start of the school year.  The spring market got a late start this year due to the severity of winter.  It remains to be seen whether the months ahead will see a cooling of the market, or more of the same red-hot pace.   

Best Wishes for Success,
 
Peter

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Peter Russell - Chestnut Park Real Estate Ltd., Brokerage
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