According to the latest from the Toronto Real Estate Board, home sales in Toronto increased in June 2015 compared to June 2014, from 10,132 sales to 11,992 sales, which is an increase of 18.4 per cent.
“As I begin my term as TREB President, I think it is important to point out that our region continues to grow in response to our diverse economic, ethnic an cultural bases,” said President of the Toronto Real Estate Board, Mark McLean, in a press release. “The GTA consistently receives international accolades as one of the best places in the world to live and do business. As the number of households grow, many of them will take advantage of the diversity of affordable home ownership opportunities that exist in Toronto and the surrounding areas.”
The average selling price for a home in Toronto was up by 12.3 per cent, to $639,184.
Jason Mercer, the Director of Market Analysis for the Toronto Real Estate Board, said, “It is encouraging to see that new listings have edged upward so far this year, as homeowners have reacted to strong home price growth and have looked to take advantage of increased equity in their homes. However, 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.”