According to the Toronto Real Estate Board (TREB), there were 11,992 sales through the Multiple Listing Service (MLS) in June. Up by 18.4 per cent compared to June 2014.
June saw an average selling price of $639,184 - which is up by 12.3 per cent from the average selling price of $569,174 reported in June 2014.
“As I begin my term as TREB President, I think it is important to point out that our region continues to grow in response to our diverse economic, ethnic and cultural bases. The GTA consistently receives international accolades as one of the best places in the world to live and do business. As the number of households grow, many of them will take advantage of the diversity of affordable home ownership opportunities that exist in Toronto and the surrounding areas,” said Mark McLean, President of the Toronto Real Estate Board.
The median price in June 2015 was $538,090.
The median price in June 2014 was $480,000.
“It is encouraging to see that new listings have edged upward so far this year, as homeowners have reacted to strong home price growth and have looked to take advantage of increased equity in their homes. However, the annual rate of sales growth continues to far outstrip listings growth, which means that there remains a lot of willing buyers in the marketplace who haven’t found a home that meets their needs. As long as this situation persists, expect home prices to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).