TREB Market Report For May 2013 - Spring/Summer Market Bringing The Heat
With the arrival of some much-needed sunshine and warm weather, Torontonians can finally relax with the knowledge that the Spring/Summer season has finally arrived. This also means that historically the housing market is about to heat up right along with the thermostat, and TREB’s report on the month of May in the GTA certainly confirmed recent upward trends in sale price.
“The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Competition for available homes in Toronto (416) has remained tight, with 647 fewer homes being listed in May 2013 compared to the same month in 2012. The increased competition has led to greater sale prices, as May 2013 saw homes in Toronto go for $600, 791, an average increase of $34, 304.