Toronto prices outshine sales drop

The number of homes changing hands over the Multiple Listing Service came in at 10,182 last month, down from the 10,544 in May 2012, according to the Toronto Real Estate Board.

That wasn't the case for prices. The average selling price for real-estate rose to $542,000 -- a 5.4 per cent rise from a year ago.

The growth likely reflects the slackening pace of sales for properties at the lower end of the market -- condos. As a segment, condo sales fell more than 9 per cent in May over 2012 figures. Still, prices, even there, eked out a modest gain.

While the president of the real estate board argues the report suggests buyers are coming back to the market, investors aren`t necessarily among them.

Acquisition plans in the GTA have been stymied by a slowdown in listings of small multifamily properties.

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