Sales in June were up 15.4% year-over-year to 10,180 transactions. New listings were also up compared to the same time period in 2013, but by a lesser annual rate. "Home buyers in the GTA are confident in their ability to purchase and affordably pay for a home. Generally speaking, buyers feel that home ownership will be a good investment over the long term. This is why we continue 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 TREB's new President Paul Etherington.
"With less than two months of inventory in many parts of the GTA, it makes sense that we continue to experience very strong price growth in June. This is especially the case for low-rise home types like singles, semis and townhomes. Strong price growth for these home types will continue through the remainder of 2014. Despite higher inventory levels, the condominium apartment market segment has benefited from enough buyer interest to result in above-inflation price growth", said Jason Mercer, TREB's Senior Manager of Market Analysis.