12,870 home sales were reported through TREB’s MLS System in May 2016 – a new record for the month of May and a 10.6 per cent increase over the same period last year. In contrast, the number of new listings was down over the same time frame by 6.4 per cent.
While the record number of home sales through the first five months of 2016 is not necessarily surprising, it masks the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices. Tighter market conditions for condominium apartments have resulted in price growth well above the rate of inflation in this market segment.
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Click the following link for a great infographic to help interpret the stats.