The number of homes for sale picked up considerably in June – with new listings up 7.8 per cent over a year ago – but pent-up demand continues to outstrip supply, says theToronto Real Estate Board.
For that reason, TREB is predicting a seller’s market for at least the rest of this year.
The average GTA house price as of mid-June was $582,100, up some 8.6 per cent from the average price of $535,865 at the same time last year, said TREB in a release highlighting sales as of mid-month released Tuesday.
June traditionally begins the slowdown of the peak spring season and realtors have been noticing a marked difference from April and May when bidding wars reached an almost fever pitch.
But the fact sales continue to outstrip the growth in new listings “suggests there is still a lot of pent-up demand yet to be satisfied,” leaving sellers with the upper hand, says TREB president Dianne Usher.
Just Monday, the Canadian Real Estate Board cautioned that Canada’s housing market is showing signs of a slowdown after an unusually busy April and May that may have largely spent all the pent-up demand from the winter that refused to end.
It predicted a “transient” summer for sales.
According to TREB, the average price of a detached house in the 416 region as of mid-June was $941,813, up 7.5 per cent year over year compared to $652,146 in the 905 region, up 7.9 per cent year over year.
Even resale condo prices were up almost 6 per cent as of mid June, year over year, to an average of $397,942 in the City of Toronto and $300,870 in the 905 regions.
Condo sales were up 10.9 per cent in the city and 7.5 in the suburbs as house hunters increasingly look to condos as an alternative to the pricey house market.
The sale of semis were up almost 13 per cent in mid June over a year ago, and prices were up an average of 10 per cent, to $702,782 in the City of Toronto and $452,261 in the suburbs.
Townhomes sales climbed by 8.3 per cent, year over year, and prices were up 6.3 per cent, to an average of $485,394 in Toronto and $394,993 in the 905 regions.
By: Susan Pigg Business Reporter, Published on Tue Jun 17 2014