Both home sales and average price were up in Toronto during May 2015, with 11,706 homes changing hands – a 6 percent increase over May 2014. The average sale price was up 11 percent, from $584,946 to $649,599, according to stats released by the Toronto Real Estate Board last month.
Detached, single-family homes accounted for nearly 50 percent of all homes sales during May 2015, with 5,845 sales. 923 of these were in the $600,000 – $699,999 price range. 222 homes sold during May 2015 were over the $2 million mark.
In the 416 area code specifically, the average sales price once again exceeded the million-dollar mark, up 18 percent from May 2014 to $1,115,120.
TREB experts point to tight market conditions and highly motivated buyers as the reason for the strong sales and increase in average price.
The Toronto Real Estate Board includes Halton, Peel, York, Durham, Dufferin and Simcoe counties in their monthly statistics, as well as the City of Toronto.