According to the latest Toronto Real Estate Board Market Watch, sales in May 2011 were up 6% 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 was down 15% compared to last year.
Sales have been strong so far this year due to relatively low and stable borrowing costs as well as fairly optimistic economic forecasts. However the market has become much tighter compared to last year as a result of a substantial dip in new listings resulting in the current seller's market. Strong selling prices will more likely lead to an increase in listings in the next few weeks leading to a more balanced market.
Click here for the full May 2011 Market Watch report.