According to TREB's most recent market report, there were 12,870 home sales reported through TREB's MLS® System in May 2016. This is a new record for May and a 10.6 per cent increase in a year-over-year comparison.
There is no shortage of buyers in the marketplace, but there is a shortage of listings. The number of new listings was down by 6.4 per cent compared to May 2015. This has resulted in a strong price growth. The average selling price for all home types combined was up by 15.6 per cent in a year-over-year comparison, and the low-rise homes segment experiences the strongest price growth.
The May 2016 TREB Statistics are not surprising as it has been very busy with multiple offers, prices over asking and heated Media reports.
With the Greater Toronto Area growing at a high net rate is it any wonder that each month in a year-over-year total would be increasing? Our statistics in Toronto and Vancouver have to be reassessed in terms of population growth to fully understand the real estate market in these cities. The media builds on the Toronto stats to fuel an already active market which probably will not change, but those statistics are not what they publish if you add the growth of the GTA.
Time for the TREB Stats to get real!!
Title photo by Peter Balcerzak