May was a very busy month for GTA real estate sales, according to the Toronto Real Estate Board, and Team McDadi concurs.
All segments of the Mississauga real estate market were active this May. Team McDadi experienced a number of bidding wars on moderately priced homes. We also saw homes sell in a matter of hours. We had lots of activity right across the board— in condos, semis, detached homes and multi-million dollar homes.
New statistics from the Toronto Real Estate Board reveal that both the number of home sales through the Toronto MLS system and the average selling price were up strongly in May compared to a year ago.
Total Toronto MLS sales for May 2014 amounted to 11,079 – a new high for the month of May. This result was up by 11.4 per cent compared to 9,946 sales reported in May 2013. The average selling price for these sales was $585,204, representing an 8.3 per cent year-over-year increase compared to the average price of $540,544 in May 2013.
According to the TREB, 1201 homes were sold in Mississauga in May, with an average sale price of $519,122. (The figures in April were 1094 sales with an average sale price of $522,804.) The average price for a detached home in Mississauga in May was $751,417, and the average price for a semi-detached was $487,637. The average Mississauga condo townhome cost $366,346 and the average condo apartment sold for $285,827 in May.
“We are now at the peak of the spring market when we generally see the greatest number of sales and the highest average selling prices. Based on the May statistics, buyers have been more active this spring compared to last year. Despite strong price growth so far in 2014, many households remain comfortable with the monthly mortgage payments associated with the purchase of a home, as borrowing costs have remained at or near record lows over the past few months,” said Toronto Real Estate Board President Dianne Usher.
Team McDadi expects this month to continue to be strong. If you are considering selling your house, this is the time. Please contact me at 905-502-1500 or [email protected] for a free home evaluation.