Toronto home sales see huge increase since same time last year

Toronto’s real estate market is shifting according to the latest stats from the Toronto Real Estate Board.

In May, 9,989 homes were sold, which is nearly 18.9 per cent higher than May last year, when the market was at its lowest in 15 years.

Meanwhile, the number of listings barely rose. There was 19,386 houses put on the market, which was only a 0.8 per cent increase.

The market's health is improving, but it is still below the average number of home sales in May over the last decade, which is almost 10,300.

The Toronto Real Estate Board released the May 2019 sales statistics, showing overall signs of a rising market. Have questions about the market? Contact Hernan Berezan @BerezanHernan today! #torontorealestate #Toronto pic.twitter.com/TZ2r8dGeOC

— TorontoRealtor (@BerezanHernan) June 5, 2019

"After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing,” TREB president Garry Bhaura said yesterday.

The average selling price was up by 3.6 per cent at $838,540. The majority of this growth was rooted in the condominium, apartment and townhouse markets.