The Month of May saw a fairly healthy increase in average sale price increases across the city of Toronto.

Detached houses rose 2.7% to an average $1,422,273. while Semi-detached homes shot up 8.8% and now sit at $1,143,322. Townhouse prices were flat and sit at a reasonable $794,626. Condo apartments are up 5% and now average $674,208.

Sales activity was down over 50% and much of that is attributed to the super low total of new listings hitting the market. Across the entire GTA, only 9,104 new properties were listed for sale.

While this continues expect prices to hold up and potentially continue to rise. Until we reach a point of a healthy amount of supply of livable homes, market conditions will continue to remain tight.