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Record Sales and Strong Price Growth in June GTA Market

by Scarlett
July 8, 2015
Category:   Market Updates
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TORONTO, July 7, 2015 — Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 11,992 sales through TREB’s MLS® System in June 2015. This result represented a new record for the month of June and an 18.4 per cent increase over the June 2014 result of 10,132.

Prices-going-up-graphic-2“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 Mr. McLean.

Selling prices were up markedly on a year-over-year basis in June, for all major home types. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent in comparison to June 2014. The average selling price was up by 12.3 per cent over the same period to $639,184.

High-end homes have accounted for a greater share of overall transactions this year compared to last year. This is the key reason why the average selling price has increased at a greater annual rate than the MLS® HPI Composite Benchmark.

“It is encouraging to see that new listings have edged upward 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 upward,” said Jason Mercer, TREB’s Director of Market Analysis.

Click here to see Full Report [pdf]

Historic Annual Sales and Average Price [pdf]

Summary of TorontoMLS Sales and Average Price

June 1 – 30

2015

2014

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of
Toronto (“416”)

4,406

$682,264

7,169

3,780

$618,526

6,499

Rest of
GTA (“905”)

7,586

$614,162

10,577

6,352

$539,806

10,134

GTA

11,992

$639,184

17,746

10,132

$569,174

16,633

TorontoMLS Sales
& Average Price  By Home Type

June 1 – 30, 2015

Sales

Average Price

416

905

Total

416

905

Total

Detached

$1,488

$4,457

$5,945

$1,051,912

$738,016

$816,583

Yr./Yr.
% Change

13.7%

20.0%

18.3%

14.2%

15.0%

14.3%

Semi-Detached

$456

$754

$1,210

$761,819

$496,740

$596,638

Yr./Yr.
% Change

1.8%

10.6%

7.1%

13.2%

10.7%

11.0%

Townhouse

$509

$1,396

$1,905

$539,259

$459,004

$480,447

Yr./Yr.
% Change

21.2%

18.4%

19.1%

10.8%

14.0%

13.1%

Condo Apartment

$1,906

$794

$2,700

$418,599

$324,388

$390,894

Yr./Yr.
% Change

21.3%

25.2%

22.4%

7.0%

4.6%

6.3%

Here is a video from the Toronto Real Estate Board on the April Market Watch for 2015.

Source: (All data and comments in this article is an excerpt from the  market watch report prepared by Toronto Real Estate Board)


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