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.