Market Watch

The Great Toronto Realtors have just released the latest sales report for the Greater Toronto Area. Last month, there were 10,180 sales transactions reported through the TorontoMLS system. This represents a 15.4 per cent increase compared to June 2013, which had 8,821 sales. There were also fewer active listings last month with 20,686 listings compared to 22,205 last year, which marks a 6.8 per cent decrease. New listings were up from 15,458 last year to 16,735 last month; while this represents an 8.3 per cent increase, but is lesser by an annual rate.  

The lower supply coupled with high demand has helped to drive up home prices. The average selling price in June was $568,953, which marks a 7.4 per cent increase compared to the same time last year, when the average selling price was $529,614. Semi-detached homes generally saw the greatest price increase, with an average price increase of 9.7 per cent increase compared to June 2013.  

Toronto Real Estate Board President Paul Etherington said, “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.” He added that he would “expect to see sales growth continue through the summer.” 

Are you thinking of buying, selling or leasing? Do you have questions about new developments or investment properties? Speak to a knowledgeable and experienced Century 21 King’s Quay realtor today!

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