Toronto house prices up 15.7 per cent in May

Toronto real estate prices continue to climb amid fresh calls for more protections against the possibility of rising interest rates.

We hit another record last month as the competition to lock down single family dwellings remains fierce, according to the Toronto Real Estate Board (TREB).

As the Financial Post reports, nearly 13,000 homes were sold in the GTA last month, up 10.6 per cent since May 2015. In total, 12,870 homes changed hands last month; 4,638 were in Toronto proper and the rest (8,232) were in the suburbs.

Yet despite the record number of sales, there’s a shortage of single family homes, writes the Post. In total, 17,412 new listings hit the market last month; that’s six per cent fewer than May 2015.

Agencies/Canadajournal