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In May, 10,182 sales were reported through the TorontoMLS system. Although total sales decreased 3.4 per cent compared to May 2012, the sales of detached homes were up to almost 1 per cent in GTA and 3 per cent in the City of Toronto compared to the same period of last year.

The average selling price in May was $542,174, representing an increase of 5.4 per cent from $514,567 in May 2012.

Ann Hannah, the president of the Toronto Real Estate Board, said that a lot of homebuyers who put their home purchase decision on hold due to the strict mortgage rules were starting to become actives again.

According to Jason Mercer, TREB’s Senior Manager of Market, the GTA market is on track for a 3.5 per cent increase in the average selling price for the year of 2013.

 

Source: Toronto Real Estate Board

So, what do you think ?