TORONTO
— The Toronto Real Estate Board says the market is shifting to favour
sellers as the number of home sales jumped in May and the number
of listings barely budged.
It says
there were 9,989 sales in May, up 18.9 per cent from the 15-year low
for the month hit last year, while listings grew by only 0.8 per cent to
19,386.
The
tightening market helped lead to a 3.6 per cent increase in the average
selling price year-over-year to $838,540, compared with a 1.9 per cent
increase in April and 0.5 per cent for March.
TREB
president Garry Bhaura says that while the market is improving after a
sluggish start to the year, sales activity is still below the
longer-term norm.
The
board says the single-digit price increases are largely sustainable,
but if listings continue to lag it could accelerate price growth.
It
says many households aren't listing their homes because they don't feel
there are housing options available to better meet their needs.
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