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TREB: Record Month in June

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Toronto Real Estate Board (TREB) announced its results for June 2015, and they did not disappoint. June saw 11,992 sales reported through TREB’s system, which represented an 18.4% increase over 2014. This was a record over previous years in terms of number of transactions recorded.

The newly appointed TREB President, Mark McLean remarked: “As I begin my term as TREB President, I think it is important to point out that our region continues to grow in response to our diverse economic, ethnic and cultural bases.  The GTA consistently receives international accolades as one of the best places in the world to live and do business.  As the number of households grow, many of them will take advantage of the diversity of affordable home ownership opportunities that exist in Toronto and the surrounding areas.”

Home prices in June also shot up across all the various types, with Detached, Townhomes, and Semi-Detached seeing double digit price increases.

TorontoMLS Sales & Average Price  By Home Type
  June 1 – 30, 2015
  Sales Average Price
  416 905 Total 416 905 Total
Detached $1,488 $4,457 $5,945 $1,051,912 $738,016 $816,583
Yr./Yr. % Change 13.7% 20.0% 18.3% 14.2% 15.0% 14.3%
Semi-Detached $456 $754 $1,210 $761,819 $496,740 $596,638
Yr./Yr. % Change 1.8% 10.6% 7.1% 13.2% 10.7% 11.0%
Townhouse $509 $1,396 $1,905 $539,259 $459,004 $480,447
Yr./Yr. % Change 21.2% 18.4% 19.1% 10.8% 14.0% 13.1%
Condo Apartment $1,906 $794 $2,700 $418,599 $324,388 $390,894
Yr./Yr. % Change 21.3% 25.2% 22.4% 7.0% 4.6% 6.3%

 

“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,” said Jason Mercer, TREB’s Director of Market Analysis.

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