While May car sales in Canada slumped to their lowest levels since 1997, May home sales in Toronto surged to record levels.
According to the Toronto Real Estate Board, 10,046 homes were bought last month – a 6 percent increase compared to May 2010, the second best May on record.
Bill Johnston, president of the TREB, said that several factors played a role in the increased buying activity.
"Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May," said Johnston. "At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings."
Jason Mercer, senior manager of market analysis for TREB, said he hopes the data will encourage sellers to put their home on the market if they've been concerned that it won't sell.
Though there may be a shortage of homes on the market, there are plenty of Toronto storage units available. However, with more people moving to the GTA, that may not be the case for long.