TORONTO — Housing sales in Toronto hit an all time high with nearly 12,000 homes sold in June, according to a report from the Toronto Real Estate Board.
Last month saw a total of 11,992 sales, an 18.4 per cent increase from the 10,132 sold in June 2014. These numbers are the latest in a trend of continuous growth, thanks to Toronto’s far-reaching reputation for highly-coveted real estate.
“The GTA consistently receives international accolades as one of the best places in the world to live and do business,” Mark McLean, president of the TREB, said in a release.
With record-breaking sales come skyrocketing prices. All major home types — detached, semi-detached, townhouses and condos — saw a significant rise in prices compared to the same period last year. Driven largely by the sale of “high-end” homes, the average selling price reached $639,134 in June.
Though it seems people are buying and selling now more than ever, the number of new listings isn’t growing nearly as quickly as the rate of sales. The 17,746 new listings added in June tally up to just 6.7 per cent more than last year, which means more competition for buyers.
READ MORE: Toronto condo market “on fire” as sales surge
Jason Mercer, TREB’s director of market analysis, says there are still many people in the market who are willing to buy a home. They just haven’t found the right one yet.
“As long as this situation persists, expect home prices to trend strongly upwards,” said Mercer.
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