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
Spectacular aurora light show to be seen across Canada Friday night
A rare and severe solar storm is expected to bring spectacular displays of the northern lights, also known as aurora borealis, across much of Canada and parts of the United States on Friday night.
Town of Fort Nelson, B.C., ordered to evacuate due to wildfire
The entire town of Fort Nelson, B.C., as well as the nearby Fort Nelson First Nation, has been ordered to evacuate due to an out-of-control wildfire.
Bouchard lifts Edmonton Oilers to 4-3 overtime win over Canucks in Game 2
Evan Bouchard scored 5:38 into overtime and the Edmonton Oilers bounced back for a 4-3 win over the Vancouver Canucks in the second round of the Stanley Cup playoffs on Friday.
McGill University seeks emergency injunction to dismantle pro-Palestinian encampment
McGill University has filed a request for an injunction to have the pro-Palestinian encampment removed from its campus.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.
Swarm of 20,000 bees gather around woman’s car west of Toronto
A swarm of roughly 20,000 bees gathered around a woman’s car in the parking lot of Burlington Centre.
Video shows naked raccoon catching B.C. family by surprise
When Marvin Henschel spotted a strange and hairless creature wandering through a front lawn in B.C.'s Lower Mainland, he could barely believe his eyes.
Barron Trump declines to serve as an RNC delegate
Former U.S. President Donald Trump's youngest son, Barron Trump, has declined to serve as a delegate at this summer’s Republican National Convention, according to a senior Trump campaign adviser and a statement from Melania Trump's office.
Out-of-control wildfire prompts evacuation alert for Fort McMurray, Saprae Creek Estates Friday night
An evacuation alert was issued for two Wood Buffalo communities Friday night, as crews battled an out-of-control wildfire near Fort McMurray.