Toronto home sales jump in May on spring selling momentum
Home sales across the Greater Toronto Area notched a second consecutive month of double-digit gains in May, as the spring selling season gained momentum in Canada's largest housing market.
There were 9,989 property sales in the GTA last month, marking an 18.9 per cent gain from May 2018 and a sequential increase from April when 9,042 homes traded hands, according to data released Wednesday by the Toronto Real Estate Board (TREB).
Meanwhile, active listings across the GTA fell 4.3 per cent year-over-year in May. The combination of reduced inventory and surging sales helped lift the average selling price 3.6 per cent year-over-year to $838,540, according to data released Wednesday.
“We are experiencing annual rates of price growth that are largely sustainable right now in the GTA – above the rate of inflation, but in the single digits. If, however, we continue to see growth in sales outstrip growth in new listings, price growth will accelerate," said Jason Mercer, TREB chief market analyst, in a release.
He added that "many" households are reluctant to put their homes up for sale out of concern they won't be able to find another option that meets their needs.
Toronto's sales surge stands once again in stark contrast with the latest activity in Vancouver, where May home sales fell to the lowest since 2000.