The average home price in the GTA for May 2012 was just under $517,000, up 6.5% from May 2011. There are indications that some balance is returning to the market through an increase in Supply (Active Listings) over the same period last year (up 10% in May 2012 versus May 2011). In previous months this year, supply increases were almost negligible or marginal at best.
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|May 2011||May 2012|
The graph below shows a running tally of month-by-month averages prices in 2011 and 2012:
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). The first column is the average prices for May 2012, and the next column displays year-to-date cumulative totals.
|Overall Toronto Average Prices by Type|
The next section is a neighborhood specific update for The Beaches (E02) and Leslieville/Riverdale (E01). If you would like information about any another neighborhood in Toronto, I would be happy to prepare and discuss what is happening in your ‘hood.
In May, the average price for homes in the Beaches was $647,449, which is down from the previous month’s average of approximately $720,000. This decrease can be attributed to fewer luxury homes (i.e. million-dollar plus) selling in May. The Leslieville/Riverdale area was an average of $607,449, which is a healthy increase of about $20,000 over the previous month.
|E1 (Leslieville/Riverdale) & E2 (Beaches)|
The following chart breaks down housing prices a step further by showing average prices for the month of May by type (i.e. Detached, Semi, Condo, etc). E01 (Riverdale/Leslieville) is bridging the gap between its more expensive neighbour E02 (The Beaches).
|E1 & E2 Average Prices by Type – May 2012|
Thanks for reading my market update for May 2012. As always, if you have questions, looking to make a move or know someone that is, let me know – I’m happy to help!