GTA Resale Market on Track for Another Month of Record High Sales

The Toronto Real Estate Board (TREB) released its mid-month figures for June 2015, announcing that the resale market is still on track for another record high month. Both April and May posted up record high sales in the GTA’s resale market, and it seems as if we may see the same in June.

There was a total of 5,661 sales reported by GTA REALTORS through the MLS system in the first two weeks of June, which is 15.7% higher than the same period last year. “We continued to see a record pace of home sales in the first half of June, as home buyers remained upbeat on ownership housing as a quality long-term investment,” says TREB President Paul Etherington. “Growth in home sales was widespread, with year-over-year increases for all major home types, suggesting that households from many different age groups and walks of life are active in today’s market.”

Via TREB

The average selling price for a new home in the GTA resale market during the first half of June was $650,732, which is 12% higher than the first half of June 2014. The most expensive housing type continues to be a detached home in the 416 region, with the average selling price rising 13% year-over-year to $1,070,472.

Via TREB

Condo units also saw a little jump in average selling price, reaching $433,968 in the 416 area and $317,756 in the 905 area. “The familiar story of strong demand running up against a constrained supply of homes for sale continued to play out in the first half of June,” explains Jason Mercer, TREB’s Director of Market Analysis. “Modest growth in new listings was not enough to offset the pent-up demand that has built during the first half of 2015. As a result, strong competition between buyers continued to result in strong price growth.”

So, will the GTA’s resale market set another record high this month? Time will tell!