Photo: Chris Lee/Flickr
June was an intensely busy month for real estate in the GTA with both sales and prices experiencing double-digit growth. According to figures released Tuesday by the Toronto Real Estate Board (TREB), the GTA saw 11,992 sales of existing homes in June, a year-over-year increase of 18.4 per cent and a new record for the month.
Though sales were up among all property types, condos saw the highest growth rate. They accounted for 2,700 of the sales in June, a 22.4 per cent increase over June 2014.
Prices also took a giant leap upward. The average sale price last month for an existing GTA home was $639,184, a 12.3 per cent increase over the same time last year.
“The annual rate of sales growth continues to far outstrip listings growth, which means that there remains a lot of willing buyers in the marketplace who haven’t found a home that meets their needs. As long as this situation persists, expect home prices to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.
Detached houses, already the most expensive part of the market, continued to see the highest surges in prices. In the 416, the average sale price for a detached home was $1,051,912, for a year-over-year increase of 14.2 per cent. In the 905, prices rose 15 per cent to the average of $738,016.
Meanwhile, the MLS Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent, year-over-year. The average increase outstripped the HPI’s increase, meaning a bigger share of high-end properties were sold in June.