Full May home sales data hasn't been released yet, but housing officials in Toronto hope it finished stronger than it started, as the Toronto Real Estate Board reported mid-month that home sales dipped.
Issued on May 18, the TREB report indicated there were 4,774 sales through the first two weeks of May, representing a 2 percent decline in home sales when compared to May 2010.
Bill Johnston, president of the TREB, was generally pleased with the report, but said that the slowing sales rate may have been impacted by the jump in the average cost of a GTA home – rising 8 percent compared to the same first two weeks of May in 2010.
Jason Mercer, TREB's senior manager of market analysis, said the rise in prices is due to "increased competition between buyers for available listings."
TREB says the average Toronto home sells for $486,223.