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
'A beautiful soul': Funeral held for baby boy killed in wrong-way crash on Highway 401
A funeral was held on Wednesday for a three-month-old boy who died after being involved in a wrong-way crash on Highway 401 in Whitby last week.
'Sophisticated' cyberattacks detected on B.C. government networks, premier says
There has been a "sophisticated" cybersecurity breach detected on B.C. government networks, Premier David Eby confirmed Wednesday evening.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
Biden says he will stop sending bombs and artillery shells to Israel if they launch major invasion of Rafah
U.S. President Joe Biden said for the first time Wednesday he would halt shipments of American weapons to Israel, which he acknowledged have been used to kill civilians in Gaza, if Prime Minister Benjamin Netanyahu orders a major invasion of the city of Rafah.
Canucks beat Oilers 5-4 in comeback to take Game 1
The Vancouver Canucks won the first game of their NHL playoffs series with the Edmonton Oilers 5-4 on Wednesday night coming back from a three-goal deficit.
Nijjar murder suspect says he had Canadian study permit in immigration firm's video
One of the Indian nationals accused of murdering British Columbia Sikh activist Hardeep Singh Nijjar says in a social media video that he received a Canadian study permit with the help of an Indian immigration consultancy.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Quebec premier defends new museum on Quebecois nation after Indigenous criticism
Quebec Premier Francois Legault is defending his comments about a new history museum after he was accused by a prominent First Nations group of trying to erase their history.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his brain more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.