According to the Toronto Real Estate Board (TREB), there were 9,989 sales through the Multiple Listing Service (MLS) in July. Up by 1.8 per cent compared to July 2015.
July saw an average selling price of $709,825 - which is up by 16.6 per cent from the average selling price of $608,875 reported in July 2015.
“GTA REALTORS® have been working very hard on behalf of their buyer clients to help them find a home meeting their needs. Unfortunately, listings for single-detached and semi-detached houses and townhouses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the rate of inflation. Housing policy is now top of mind for all levels of government. Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA,” said Larry Cerqua, President of the Toronto Real Estate Board.
The median price in July 2016 was $593,000.
The median price in July 2015 was $520,000.
“Relatively strong labour market conditions, above-inflation average income growth, and record low borrowing costs have kept many households confident about purchasing a home. As long as very strong buying intentions are up against an extreme shortage of listings, expect home price growth to greatly outpace the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).