The average selling price of a home in the Greater Toronto Area ticked up again last month as supply continues to lag behind growing demand, the Toronto Regional Real Estate Board says.
Numbers released by TRREB on Friday show the average price of a home reached $1,196,101 in May compared with $1,153,269 recorded the prior month. Although, last month's figure was down 1.2 per cent from $1,210,372 the same time the previous year.
Meanwhile, 15,194 new properties were put on sale in May – down by 18.7 per cent over the same period. In May 2022, there were 18 687 new listings. "In addition, strong rent growth and record population growth on the back of immigration has also supported increased home sales. The supply of listings hasn't kept up with sales, so we have seen upward pressure on selling prices during the spring."
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