GTA Resale Market Figures Jump in June
By Lucas on Jun 18, 2014
The Toronto Real Estate Board (TREB) released their resale housing statistics for the first two weeks of June 2014, highlighting substantial increases in sales and new listings.
There were 4,938 sales recorded through the TorontoMLS system during the first half of June, an 11.3 percent increase compared to the same period in 2013. New listings were up 7.8 percent compared to last year with 8,825 homes hitting the resale market.
“If the first two weeks of June are any indication, we may be seeing a turnaround in the supply of homes for sale in the Greater Toronto Area. New listings were up on a year-over-year basis for most major home types in the City of Toronto and surrounding regions. However, sales growth outpaced growth in new listings, which suggests that there is still a lot of pent-up demand yet to be satisfied, so sellers’ market conditions will likely remain in place for the remainder of 2014,” said TREB President Dianne Usher.
The average selling price during the first half of June was $582,100, an increase of 8.6 percent compared to last year.
“Average selling prices were up across the GTA for low-rise home types like singles, semis and townhouses as well as for condominium apartments. This is no surprise given that the number of transactions was up compared to 2013 by a greater rate than the number of new listings, which suggests that competition between buyers arguably increased,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Most popular home types in the GTA resale market
Once again, detached homes were the most popular home type in the resale market, with 2,507 sales in June, so far. The average price for a detached home in the City of Toronto was $941,942, and in the surrounding regions it was $652,146. Recent resale reports have seen the average price of a detached home in Toronto nearing $1 million, but it seems to be stabilizing in the mid $900,000s.
The second most popular home type in the first half of June was condos with 1,016 sales. The average price for a condo in the City of Toronto was $397,942, and $300,870 in the 905 areas. Condos remain the most affordable housing option in the resale market.
