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NEWS JUNE 2013
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  TORONTO, June 5, 2013 Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012. Sales of single-detached homes in the GTA were up by almost 1% compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto.
The average
selling price for May 2013 sales was $542,174 – up by 5.4 % in comparison to $514,567 in May 2012. The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto. Average condominium apartment prices were also up slightly in comparison to last year.
     
  Condo rents soar as sales slump

New condo sales in Toronto were down more than half in the first quarter of 2013 compared to the same quarter a year ago, but frustrated first-time homebuyers are gobbling up rental condos pushing average rents in the GTA to a record $1,856.
With the rental vacancy rate now hovering at just 1% in the downtown core, it’s a landlord’s market because so many young professionals are willing to pay what it takes to live close to work and subways.

 

 
  Home construction on the rise

In May, new residential constructions increased to 200,200, a 12.1 per cent increase over the 175,900 new houses built in April, according to the report from CIBC WM Economics. The results proved to be far better than those originally forecast by economists. The numbers were primarily driven by new condo constructions, which jumped 22.3 per cent. Single-family homes also saw a slight increase, rising by 3 per cent in May. This may be welcome news for prospective homebuyers and those searching for new income properties. In several markets, those buyers are now facing a shortage of properties.
 
   
  Couples buy homes before wedding
A new study says that 35% of all married couples purchased their first home together by their second wedding anniversary, and 80% of married homeowners who purchased their home while married said it did more to strengthen their relationship than any other purchase they made together. 25% married couples between the ages of 18 to 34 purchased their first home together before their wedding date, Younger generations may be focusing more on their career, and in turn waiting longer to get married and have children, they are not delaying their dream of homeownership