May figures from the Toronto Real Estate Board reveal a full-fledged sales boom in Toronto, with detached homes hitting on average $1.15 million. It is a staggering realization for many, despite all the amazing increases which have gone before. The average selling prices of houses and condos combined climbed 11 per cent last month, year over year, to $649,599. That’s up from $584,946 just a year ago. The MLS Home Price Index Composite Benchmark was up just 8.9 per cent reflecting the increased sales of high-end homes from a year ago, skewing average sales prices upward.
Building lots “gobsmacking”
It is supply and demand on steroids. Listings are said to be way behind potential buyers. Bidding wars and bully offers are exceeding asking prices. Sales are up 18.2 per cent in the last year. In Leaside and Davisville Village builders are in ferocious bidding wars to get access to mud under an old house. According to a real estate source, the gobsmacking price of $1 million+ is the norm for a lot in Leaside. “Bidding wars and bully offers have been rampant in the “South Bayview” area this spring! Not enough supply.”
