Photo: Robert Jack 啸风 Will/Flickr
Fresh off the heels of a record-breaking month for home sales in May, Toronto’s resale housing market saw a new high for transactions in the first two week of June.
There were 5,661 sales of existing homes in the GTA in the first half of the month according to Toronto Real Estate Board (TREB) figures released Tuesday, a 15.7 per cent increase over the same time in 2014.
Though each property type recorded an increase in sales, detached homes remained a huge driver of the market. There were 2,814 detached house sales in the GTA, or nearly half of all sales during the first half of the month. The mid-month sales tally for the housing type was also up 18.4 per cent over the same period last year.
“The familiar story of strong demand running up against a constrained supply of homes for sale continued to play out in the first half of June. Modest growth in new listings was not enough to offset the pent-up demand that has built during the first half of 2015,” said Jason Mercer, TREB’s Director of Market Analysis.
“As a result, strong competition between buyers continued to result in strong price growth.”
In the first two weeks of June, the average sale price for a GTA home was $650,732, a 12 per cent year-over-year increase.
The low-rise sector continued to see the significant growth in prices. The average price for a detached house in the GTA rose 13.8 per cent to $838,409, leading all other property types for price increase. It was followed by townhouses, which rose 11.6 per cent to an average of $483,661.