According to the Toronto Real Estate Board (TREB), there were 10,180 sales through the Multiple Listing Service (MLS) in June. Up by 15.4 per cent compared to June 2013.
June saw an average selling price of $568,953 - which is up by 7.4 per cent from the average selling price of $529,614 reported in June 2013.
“Home buyers in the Greater Toronto Area are confident in their ability to purchase and affordably pay for a home. Generally speaking, buyers feel that ownership housing will be a good investment over the long term. This is why we continued to see increases in home sales in June for all major home types across the GTA. Given the degree of pent-up demand in the market today, I would expect to see sales growth continue through the summer,” said Mr. Paul Etherington, President, Toronto Real Estate Board.
The median price in June 2014 was $480,000.
The median price in June 2013 was $445,000.
“With less than two months of inventory in many parts of the GTA, it makes sense that we continued to experience very strong price growth in June. This is especially the case for low-rise home types like singles, semis and townhouses. Strong price growth for these home types will continue through the remainder of 2014. Despite higher inventory levels, the condominium apartment market segment has benefitted from enough buyer interest to result in above-inflation price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).