Market Recap June 2016

November 10, 2016 - Updated: November 10, 2016

According to the Toronto Real Estate Board (TREB), there were 12,794 sales through the Multiple Listing Service (MLS) in June. Up by 7.5 per cent compared to June 2015.

June saw an average selling price of $746,546 - which is up by 16.8 per cent from the average selling price of $639,309 reported in June 2015.
 
“As I start my term as TREB President, we are certainly in an interesting environment for ownership housing. There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth. Buyers and sellers alike continue to benefit from the value a REALTOR® brings to a transaction,” said Larry Cerqua, President of the Toronto Real Estate Board.
 
The median price in June 2016 was $618,894.
The median price in June 2015 was $538,090.
 
“When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing.  This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained,” said Jason Mercer, TREB’s Director of Market Analysis.
 

*Market analysis based on numbers provided monthly by the Toronto Real Estate Board (TREB).

 


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