June was no exception to this trend, according to the latest Toronto Real Estate Board (TREB) report released today.
There were 9,061 sales in June 2013, down less than 1 per cent compared to June 2012.
New listings were down by a greater rate than sales compared to the same time last year, suggesting market conditions have tightened.
“The sales condition in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter,” said Toronto Real Estate Board President Dianne Usher in the release that accompanied the report.
Sales may have been down, but prices were up in the GTA. The average selling price increased by 4.7 per cent year-over-year to $531,374. The average cost of a home in the City of Toronto was $578,575, while the average price in the rest of the GTA (the “905”) was $504,784.
June price growth was driven by the single-detached and semi-detached market segments, particularly in Toronto.
Not all residential properties saw an increase in price. The average condo sales price remained relatively unchanged compared to the June 2012 sales price.
Usher said that a growing number of homebuyers that had put their home purchase on hold due to stricter lending guidelines will now reactivate their search. She expects to see renewed growth in home sales in the second half of 2013.
Check out the charts below for more details.