Record Sales and Strong Price Growth in June
Greater Toronto Realtors reported 11,992 residential sales through the Toronto MLS system in June 2015. The number of transactions in June represented an 18.4% increase compared to 10,132 transactions reported in June 2014. This result represented a new record for the month of June
The number of new listings reported in June were up by 6.7% compared to the same period in 2014. Active listings were 17,972 in June-down 13.1% from June 2014.
“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 and cultural bases. 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,” said Toronto Real Estate Board President Mr. McClean.
The average selling price continued to grow on a year-over-year basis in calendar year 2014 with an 8.4% increase over calendar year 2013 to $566,726.
The average price in June was up by 12.3% from the same time last year to $639,184.
“It is encouraging to see that new listings have edged upwards 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 upwards” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Sales of Toronto (416 area code) condominium apartments increased by 21.3% in June 2015. The average selling price of a Toronto condo increased by 7.0% from the same time last year to $418,599.
Condominium apartments accounted for 22.5% of total sales in the GTA for June 2015 while detached homes accounted for 49.6% of the total sales.
Other notable statistics include the average days on the market for June at 19 days, down 13.6%. The sales-to-listings ratio for June was 66.7% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range
Real estate is very neighbourhood specific, building specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.
Please contact me direct at or by email, David@DavidStoddard.ca
** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.