Greater Toronto Resale Housing Sales Up in First Half of May

istock_000000716689xsmallAs I mentioned in this Blog before, the past few weeks have been crazy busy with lots of sales, multiple offers and activity at Open Houses. There is a real shortage of listings because most sellers feel that there is no market but as you can tell from the press release from the Toronto Real Estate Board, the first half of this month has been very active:

“Greater Toronto REALTORS® reported 4,561 transactions in the first half of May – an increase of three per cent compared to May 2008.

“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill. “Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market’s affordability.”

The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811.

“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year’s level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”

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