June 3, 2016 -- Toronto Real Estate Board President Mark McLean announced that there were 12.8% over the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4%.
"Whether we're talking about existing homeowners or people looking to purchase for the first time, there is no shortage of buyers in the marketplace today. So, while the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices," said Mr. McLean.
The MLS® Home Price Index Composite Benchmark was up by 15% year-over year in May 2016. Similarly, the average selling price for all home types combined was up by 15.7% over the same period.
"Widespread competition between buyers of singles, semis and townhouses across the GTA has underpinned the robust annual rates of price growth experienced so far this year. With this said, however, it is also important to understand that tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment as well," said Jason Mercer, TREB's Director of Market Analysis.
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