June Mid-Month Resale Figures Released
The Toronto Real Estate Board reported 6,041 sales for the first 14 days of June 2016. This result represented a 7.9% increase compared to 5,598 sales reported for June 2015.
Year-over-year sales growth in the TREB market area was driven by transactions in the regions surrounding the City of Toronto. Sales in the ‘905’ and ‘705’ area codes were up strongly for all major market segments. In contrast, low-rise home sales were down in the City of Toronto compared to the same period in 2015. The annual low-rise sales decline in the ‘416’ area code was not due to a lack of demand, but rather a lack of listings to satisfy the housing needs of would-be home buyers.
The average selling price for the first two weeks of June 2016 was $758,507, which represented a year-over-year increase of 16.7% compared to an average price of $649,741 reported for the same time period in 2015. Double-digit annual rates of average price growth were experienced for all low-rise home types.
Seller’s market conditions certainly remained in place in June, with an annual increase in sales up against an annual decline in new listings. As a result, strong competition between home buyers continued to influence robust rates of price growth.
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