The average selling price of a resale home in the Toronto area leaped 15.7 per cent in a year to $751,908 according to the Toronto Real Estate Board. Low inventory is given as the reason for the pressure upwards. The board said 12,870 homes were sold in May across the region, that’s an increase of 10.6 per cent increase compared to May 2015. “While the record number of home sales through the first five months of 2016 is not necessarily surprising, it does sometimes mask the larger story in the GTA: the shortage of listings, which has resulted in strong upward pressure on home prices,” said TREB President Mark McLean in a statement. In Vancouver, sales jumped 17.6 per cent last month and the benchmark selling price surged by a breathtaking 29.7 per cent.
