Toronto sales and prices continue to rise

"At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings," he said.

There were 10,046 sales in Toronto in May and the average price is now $485,520.

"We have seen clear-cut seller's market conditions emerge over the past two to three months," said Jason Mercer, TREB's senior manager of market analysis. He said he hoped the price gains would encourage more households to enter their home on the market, creating more balanced conditions. But that's hardly been the case recently. New listings were down 15% from a year earlier to reach 16,076.

Sales were occurring fastest, at about an average time on market of 12 to 14 days, in prime locations in downtown bordering the lake. The average price in those prime locations is about $600,000. The average days on market for all of Toronto in May was 23 days, according to the board.

A chart from the TREB shows that at least since 2001, prices have steadily risen in Toronto every year.

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