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
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
World seeing near breakdown of international law amid wars in Gaza and Ukraine, Amnesty says
The world is seeing a near breakdown of international law amid flagrant rule-breaking in Gaza and Ukraine, multiplying armed conflicts, the rise of authoritarianism and huge rights violations in Sudan, Ethiopia and Myanmar, Amnesty International warned Wednesday as it published its annual report.
Photographer alleges he was forced to watch Megan Thee Stallion have sex and was unfairly fired
A photographer who worked for Megan Thee Stallion said in a lawsuit filed Tuesday that he was forced to watch her have sex, was unfairly fired soon after and was abused as her employee.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
U.S. Senate passes bill forcing TikTok's parent company to sell or face ban, sends to Biden for signature
The Senate passed legislation Tuesday that would force TikTok's China-based parent company to sell the social media platform under the threat of a ban, a contentious move by U.S. lawmakers that's expected to face legal challenges.
Wildfire southwest of Peace River spurs evacuation order
People living near a wildfire burning about 15 kilometres southwest of Peace River are being told to evacuate their homes.
U.S. Senate overwhelmingly passes aid for Ukraine, Israel and Taiwan with big bipartisan vote
The U.S. Senate has passed US$95 billion in war aid to Ukraine, Israel and Taiwan, sending the legislation to President Joe Biden after months of delays and contentious debate over how involved the United States should be in foreign wars.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.