According to the Toronto Real Estate Board’s latest numbers, there were 5,661 home sales in the first 14 days of June compared to the same time last year, which is a 15.7 per cent increase.
“We continued to see a record pace of home sales in the first half of June, as home buyers remained upbeat on ownership housing as a quality long-term investment,” said the President of the Toronto Real Estate Board, Paul Etherington, in a press release. “Growth in home sales was widespread, with year-over-year increases for all major home types, suggesting that households from many different age groups and walks of life are active in today’s market.”
The average selling price during this time increased by 12 per cent to $650,732.
“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,” said the director of market analysis for the Toronto Real Estate Board, Jason Mercer. “Modest growth in new listings was not enough to offset the pent-up demand that has built during the first half of 2015. As a result, strong competition between buyers continued to result in strong price growth.”