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Greater Toronto REALTORS® Report May Resale Housing Market Figures

TORONTO, June 3, 2011 – Greater Toronto REALTORS® reported 10,046 sales in May 2011 – up six per cent compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board service area. The number of new listings in May, at 16,076, was down 15 per cent compared to last year. “Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,” said Toronto Real Estate Board President Bill Johnston. “At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.” Homes were on the market for an average of 23 days and sold for an average price of $485,520– up nine per cent compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto. “We have seen clear-cut seller’s market conditions emerge over the past two to three months,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year,” continued Mercer.

Sales Average Price Sales Average Price

City of Toronto ("416" 3,950 $535,807 3,887 $493,265

Rest of GTA ("905") 6,096 $452,935 5,583 $414,099

GTA 10,046 $485,520 9,470 $446,593

Source: Toronto Real  Estate Board

2011 2010

Summary Of May Sales And Average Price

May

416 905 Total 416 905 Total

Detached 1,431 3,562 4,993 771,965 539,557 606,166

Yr./Yr. % Change 2% 10% 8% 12% 10% 10%

Semi‐Detached 472 660 1,132 551,666 364,219 442,377

Yr./Yr. % Change ‐6% 5% 0% 10% 7% 8%

Townhouse 430 1,077 1,507 411,317 338,749 359,455

Yr./Yr. % Change 5% 12% 10% 3% 9% 6%

Condo Apartment 1,575 640 2,215 355,347 270,775 330,911

Yr./Yr. % Change 3% 6% 4% 4% 7% 5%

Source: Toronto Real  Estate Board

Sales & Average Price By Home Type

May 2011

Sales Average Price

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For Media Inquiries: Mary Gallagher, Senior Manager Media Relations Toronto Real Estate Board 1400 Don Mills Road Toronto ON M3B 3N1 Office: (416) 443-8158 maryg@trebnet.com

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