According to the latest release from the Toronto Real Estate Board, home sales in Toronto increased by 11.3 per cent in the first half of June compared to the same time last year, to a total of 4,938 sales.
Dianne Usher, president of the Toronto Real Estate Board, said, “If the first two weeks of June are any indication, we may be seeing a turnaround in the supply 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. However, sales growth outpaces 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.”
The average price for these homes was up by 8.6 per cent to $582,100.
According to Jason Mercer, the senior manager of Market Analysis of Toronto Real Estate Board, said that, “Average selling prices were up across the GTA for the low-rise home types like singles, semis and townhouses as well as for condominium apartments. This is no surprise given that the number of transactions was up compared to 2013 by a greater rate than the number of new listings, which suggests that competition between buyers arguably increased.”