After reaching an all-time monthly sales high in May, the GTA resale market stayed hot in the first two weeks of June. The 4,938 sales counted by the Toronto Real Estate Board (TREB) in the first half of the month represent an 11.3 per cent increase over 2013. The average selling price for a GTA home also saw a huge leap compared to the same time last year: it rose 8.6 per cent to $535,865.
The increases weren’t limited to transactions and price tags. The number of new listings on the market was also up, rising by 7.8 per cent to 8,825 in the first half of the month.
“If the first two weeks of June are any indication, we may be seeing a turnaround in the supply of homes for sale in the Greater Toronto Area. New listings were up on a year-over-year basis for most major home types in the City of Toronto and surrounding regions,” said Toronto Real Estate Board President Dianne Usher in the news release.
“However, sales growth outpaced growth in new listings, which suggests that there is still a lot of pent-up demand yet to be satisfied, so sellers’ market conditions will likely remain in place for the remainder of 2014.”
Each property type saw both an increase in sales and prices in the first half of the month. Sales of detached houses and townhouses in Toronto-proper both saw the biggest surge, with sales increasing by 23.7 per cent year-over-year.
Semi-detached houses in the 416 led price growth, rising by 10.3 per cent to an average of $702,782.
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