The housing market is still hot.
Numbers put out by the Toronto Real Estate Board show 11,992 homes were sold through MLS in the GTA last month. That’s a new record for June and an 18.4% increase from the same time last year.
Sale prices were up as well, nearly 9% over June of last year, with the average being $639,184.
In Toronto, prices were closer to $683, 000.
“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” – Jason Mercer, TREB’s Director of Market Analysis.
Click on the charts to enlarge.