Even though new listings rose 8.3 per cent year-over-year in June, it wasn’t enough to satisfy the seemingly insatiable appetite GTA residents have for real estate. According to the latest numbers from the Toronto Real Estate Board (TREB), the 10,180 sales of existing homes in the region represented an astonishing 15.4 per cent increase from June of last year.
“Given the degree of pent-up demand in the market today, I would expect to see sales growth continue through the summer,” said Paul Etherington, President of the Board, in the new release.
Some of the strongest activity was seen in Toronto-proper, though the 905 also saw a sizeable uptick in sales.That flurry of activity also led to continued price growth. In June, the average price for a resale home in the GTA rose 7.4 per cent, year-over-year, to $568,953.
“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,”said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“Despite higher inventory levels, the condominium apartment market segment has benefitted from enough buyer interest to result in above-inflation price growth.”
However, the highest monthly sale price for 2014 still belongs to May, when the average price for a home came in at $585,454. And despite the double-digit sales growth in June, May still remains the most active month this year thanks to its 11,049 sales.
Here’s how the June numbers break down:
- Sales of semi-detached homes in the 416 rose 22 per cent, year-over-year.
- Condo sales in Toronto-proper followed close behind, with a 21.4 per cent increase.
- Sales of detached houses in the city measured a 19.3 per cent rise.
Biggest price gains
- Townhouses in the 416 saw the highest price growth, rising 10.9 per cent to $485,273.
- Semi-detached properties in both Toronto-proper and the 905 region tied for price growth: they each rose 8.8 per cent, to averages of $672,725 and $448,531 respectively.
- Detached houses in the 905 region followed with a 7.6 per cent increase to $641,972.
For more details check out the table below: