August 4, 2016 11:22 am

‘Troubling trend’ as Toronto real estate market sees record sales for July

The average resale price of a home in the Greater Toronto Area climbed to $709,825 last month, up more than 16 per cent compared to a year ago.

AP Photo/John Bazemore, File
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TORONTO – The Toronto Real Estate Board says the average resale price of a home in the Greater Toronto Area climbed to $709,825 last month, up more than 16 per cent compared to a year ago.

The average price of a detached home soared 21 per cent from July 2015 to $952,983.

The real estate board says there were 9,989 homes that changed hands in the Greater Toronto Area last month – the highest number ever recorded in July.

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That’s up from 9,813 in July of last year.

The number of new listings shrank roughly seven per cent to 13,542 last month, reflecting what the real estate board calls a “troubling trend” as demand outpaces supply in the Toronto area.

The average condo price in the Greater Toronto Area rose 9.2 per cent to $406,865.

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“Housing policy is now top of mind for all levels of government,” Toronto Real Estate Board president Larry Cerqua said in a statement Thursday.

“Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA.”

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