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.
“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.
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