Real estate board’s latest monthly statistics say Toronto home prices increased by an average of $64,262 from the same month last year.
Toronto’s record-breaking streak of real estate sales continues with May sales up 10.6 per cent over the same month last year, with homes selling for 15.7 per cent more than they did in May 2015.
The Toronto Real Estate Board’s (TREB) latest monthly statistics showed Toronto home prices increased $64,262 on average to $782,051.
Region-wide, the average was $751,908, up from an April average of $739,082.
But the climbing prices reflect a shortage of homes for sale in the market, with 6.4 per cent fewer new listings than last May, said TREB president Mark McLean.
“There is no shortage of buyers in the marketplace today,” he said, in a Friday news release.
“While the record number of home sales through the first five months of 2015 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices,” said McLean.
The statistics come two days after the Organization for Economic Co-operation and Development (OECD) called on the federal government to further tighten lending rules to protect buyers in the white hot Toronto and Vancouver markets against future interest rate increases.
Ottawa has already raised the minimum qualification for a CMHC-insured mortgage on homes priced between $500,000 and $1 million.
Detached homes in the 905-area communities surrounding Toronto saw the largest year-over-year price rise – 21.2 per cent – to an average of $891,870.
In Toronto, prices for detached houses rose 15.2 per cent to $1,285,693 on average.
The greatest shortage of listings remains in the category of semi-detached homes, down 13.8 per cent in Toronto and 4.8 per cent across the region. Semi prices rose 11.8 per cent region-wide to $670,074 in the GTA
The average Toronto region condo rose 5.9 per cent in price over last May.