Average home price in GTA ticked up in May as demand continues to outpace supply: TRREB
The average selling price of a home in the Greater Toronto Area ticked up again last month as supply continues to lag behind growing demand, the Toronto Regional Real Estate Board says.
Numbers released by TRREB on Friday show the average price of a home reached $1,196,101 in May compared with $1,153,269 recorded the prior month. Although, last month's figure was down 1.2 per cent from $1,210,372 the same time the previous year.
The TRREB said 9,012 home sales were reported through its MLS system last month – an increase of 24.7 per cent from the 7,226 sold a year ago. Most of the properties bought were detached homes (4,049) followed by condo apartments (2,568), townhouses (1,217) and semi-detached (787).
Meanwhile, 15,194 new properties were put on sale in May – down by 18.7 per cent over the same period. In May 2022, there were 18 687 new listings.
"The demand for ownership housing has picked up markedly in recent months. Many homebuyers have recalibrated their housing needs in the face of higher borrowing costs and are moving back into the market." TRREB Chief Market Analyst Jason Mercer said.
"In addition, strong rent growth and record population growth on the back of immigration has also supported increased home sales. The supply of listings hasn't kept up with sales, so we have seen upward pressure on selling prices during the spring."
The average price of a detached home in the GTA last month was $1,556,566, while semi-detached houses were sold for an average of $1,198,185. The average price of a townhouse jumped by three per cent last month to $1,003,152.
The cost of a condo apartment saw a three per cent decline in May to $748,483.
TRREB President Paul Baron warned that if the housing supply does not catch up, the economic development of the GTA will be hampered ad people and businesses will look elsewhere to live and invest.
"Despite the fact that we have seen positive policy direction over the last couple of years, governments have been failing on the housing supply front for some time," Baron said.
CTVNews.ca Top Stories
Liberal MP says she's leaving politics over disrespectful dialogue, threats, misogyny
Liberal MP Pam Damoff says she won't run again in the next federal election, saying she has experienced misogyny, disrespectful dialogue in politics and threats to her life.
Concerns about Plexiglass prompt inspections at some Loblaws locations in Ottawa
Inspections are underway at more than one Loblaws location in Ottawa after complaints were filed about tall Plexiglass barriers.
Federal employees will be required to spend 3 days a week in the office
Starting in September, public servants in the core public administration will be required to work in the office a minimum of three days a week. The Treasury Board Secretariat says executives will need to be in the office four days per week.
OPP officer said 'someone's going to get hurt' before wrong-way Hwy. 401 crash
As multiple Durham police cruisers were chasing a robbery suspect on the wrong side of Highway 401 Monday night, an Ontario Provincial Police officer shared his concerns, telling a dispatcher, "Someone's going to get hurt."
Ont. woman who faked pregnancy to defraud doulas arrested again on similar charges
Victims of a Brantford, Ont., woman who was sentenced to house arrest earlier this year for defrauding and deceiving doulas say they’re not surprised she’s been apprehended again on similar charges.
Five human skeletons, missing hands and feet, found outside house of Nazi leader Hermann Göring
Archeologists have unearthed the skeletons of five people, missing their hands and feet, at a former Nazi military base in Poland.
Poilievre returns to House unrepentant for calling Trudeau 'wacko,' Speaker not resigning
An unrepentant Pierre Poilievre returned to the House of Commons on Wednesday to pepper the prime minister about his drug decriminalization policies after being booted the day prior for refusing to take back calling Justin Trudeau 'wacko' over his approach to the issue.
Construction begins on LGBTQ2S+ national monument in Ottawa
Shovels have hit the ground for constuction on Canada's LGBTQ2S+ national monument in Ottawa.
B.C. man awarded $5,000 in damages in first-of-it-kind intimate image case
In a first-of-its-kind case, a B.C. tribunal has ruled on a dispute involving the non-consensual sharing of intimate images, awarding damages and issuing orders that the photos be destroyed and taken offline.