Toronto real estate market continues to surge | #real_estate

Toronto real estate market continues to surge

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When you’re hot, you’re hot.

It was the second best May for Toronto real estate sales since the Toronto Real Estate Board began compiling data, according to statistics released Friday.

Sales increased 6 percent from May 2010, while prices gained 9 percent to an average $485,520. The number of listings to hit the market decreased by 15 percent from last year, meaning more competition through the summer as buyers compete for fewer houses.

In a statement, the board said it hoped rising prices would cause more homeowners to list their properties. Houses were on the market an average of 23 days in May.

The real estate board breaks out sales by median prices, with detached homes hitting $505,000. Other categories include semi-detached at $395,000, condo townhouses at $305,000 and condo apartments at $303,000.

The Canadian Real Estate Association compiles data on the 15th of each month, but the country’s 101 real estate boards often release regional data earlier. Vancouver reported Thursday, saying sales were up 7 percent compared to last May while prices were up 6 percent.

Sales are showing signs of slowing in Vancouver, however, slipping 8.1 percent below the 10-year average in May. The market has caused concern because of the high prices – the board said its index price for a detached house was $805,000 in May, up 10 percent from a year ago.

The index “represents the price of a typical property within a market, taking into consideration what averages and medians do not – items such a lots size, age, number of rooms, etc.”

The board said there have a been a lot of high-price sales this spring, which makes big headline numbers deceptive.

“Of all residential properties sold on the MLS in Greater Vancouver in 2011 to date 21 percent sold for $1-million or higher and 20 percent sold for $350,000 or lower,” the board stated. “While 77 percent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire board area.”

via bnn.ca

 

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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