Residential Update – May
GTA May Resale Housing Sales Higher Than Last Year
TORONTO, June 3, 2009 - In May 2009, Greater Toronto REALTORS® reported 9,589 sales,
up almost two per cent from May 2008 – the first annual increase since December 2007. The
seasonally adjusted annual rate of sales in May was 81,3001.
“The resale housing market in the GTA has remained resilient in the face of challenging times
globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken
advantage of extremely low mortgage rates.”
The average price for May transactions was $395,609 – down less than one per cent compared
to the same month last year.
“The average resale home price has moved in line with last year’s level because of tighter
market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of
Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home
prices.”
Sales Average Price Sales Average Price
City of Toronto (“416″) 3,777 $432,478 3,711 $434,271
Rest of GTA (“905″) 5,812 $371,649 5,700 $374,629
GTA 9,589 $395,609 9,411 $398,148
SUMMARY OF MAY SALES AND AVERAGE PRICE ? 2009/2008
May 2009
2009 2008
Source: Toronto Real Estate Board
1Seasonally adjusting TREB MLS® data removes recurring seasonal trends observed each year. For example, MLS® sales are highest in late
spring each year and lowest in the winter months. Removing the recurring seasonality, allows for the analysis of a meaningful trend reflecting
actual changes in market conditions. By multiplying the monthly seasonally-adjusted figure by 12, creating an annual rate, we can compare how
the current month relates to historical annual figures.
For a complete copy of the Market Watch Report visit www.TorontoRealEstateBoard.com
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of
Ethics and share a state-of-the-art Multiple Listing Service. Serving over 28,000 Members in the
Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board.
Greater Toronto Area open house listings are now available on
www.TorontoRealEstateBoard.com.
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Information provided by the Toronto Real Estat Board
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