According to the latest from the Toronto Real Estate Board, home sales in Toronto increased by 15.4 per cent in June 2014 compared to June 2013, with 10,180 transactions.
“Home buyers in the Greater Toronto Area are confident in their ability to purchase and affordably pay for a home,” said Toronto Real Estate Board president Paul Etherington. “Generally speaking, buyers feel that ownership housing will be a good investment over the long term. This is why we continued to see increases in home sales in June for all major home types across the GTA. Given the degree of pent-up demand in the market today, I would expect to see sales growth continue through the summer.”
The average selling price for homes in Toronto during the month of June was $568,953, which is 7.4 per cent higher than June last year.
According to Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis, “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. Strong price growth for these home types will continue through the remainder of 2014. Despite higher inventory levels, the condominium apartment market segment has benefitted from enough buyer interest to result in above-inflation price growth.”