Last month - May 2009 - real estate sales volume was up almost two per cent over the same period last year:   This is the first annual increase in volume of sales since December 2007. 

For the same period, the average price for May transactions was $395,609 - down less than one percent from a year ago.  "The resale housing market in the GTA has remained resilient in the face of challenging times globally," according to Toronto Real Estate Board President Maureen O'Neil. 

Part of the explanation for the high volume of activity is that many home buyers have taken advantage of the extremely low mortgage rates currently available.   A few other key factors: 
1) Buyers realize that house prices are still down (even though only a little) from the highs of the past few years and feel it is a wise time to invest in real estate, before prices return to, and  potentially surpass, their former highs, 
2) Pent-up demand, resulting from four+ months of fear and hesitancy about global and local econonies, this past winter .  Now, as inidividuals and families adjust to their current realities - their confidence in the future has been restored and they have returned to the real estate market en masse.

A few of the trends seen in late May, and more so through the first week of June:
1) an increasing number of Multiple Offer situations;
2) some homes selling over asking price; 
3) Offers being "held-back" for 4 or more days to allow for broader market exposure.