Home sales in Toronto continued to sizzle through the month of June, with just over 10,000 transactions, a 15.4% jump over the same period in 2013.
With lending conditions remaining stable, the purchase of homes continues to be a sound investment in the minds of Torontonians.
“Home buyers in the Greater Toronto Area are confident in their ability to purchase and affordably pay for a home. 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,” said new TREB President Mr. Paul Etherington.
Sellers also continued to receive excellent value for their properties as June saw the average sale price climb to $568,953, up 7.4% from 2013.
“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,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.