TREB has reported a 7.5% Increase in Sales for the month of June
The June publication from the Toronto Real Estate Board has announced that the Greater Toronto Area has seen a 7.5 per cent increase in sales for the month of June, reporting a total of 12,794 residential transaction through TREB’s MLS compared to 11,905 sales of last June (2015). (TREB June 2016 Report)
TREB’s President, Larry Cerqua states that the Toronto housing market is facing an ‘interesting’ situation as the demand still remains at record level, but potential home buyers are facing an uphill battle against a ‘constrained’ supply of listings, which inevitably has perpetuated a strong price growth in the market.
The average selling price for all homes in the Greater Toronto Area surged 16.8 per cent to $746,546 in June, according to data released Wednesday by the Toronto Real Estate Board. The average price for detached homes in the city of Toronto rose 19.6 per cent to $1,259,486. (TREB June 2016 Report)
It is interesting to note that more than 2,000 homes in the GTA sold for more than $1-million during the month, marking a 65 per cent increase from the total seven-figure deals done during June 2015. Once again, tight supply was a factor. New listings dipped 3.8 per cent in the month – prompting TREB’s president to urge governments to take action.
The Federal and Provincial governments have recently brought up discussions regarding the housing policy and the lack of supply in GTA. Larry Cerqua states that ‘issues affecting the lack of supply in the GTA should be of paramount importance,”. (TREB June 2016 Report)
TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion,” added Mr. Cerqua. (TREB June 2016 Report)