Record home sales continue
Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 5,661 home sales through TREB’s MLS® System during the first two weeks of June 2015. This result represented a 15.7 per cent increase compared to the same period in 2014.
“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. 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,” said Mr. Etherington.
The average selling price for transactions reported during the first 14 days of June was $650,732 – up 12 per cent in comparison to the first 14 days of June 2014. Strong price growth was noted for low-rise home types and condominium apartments.
“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. 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,” said Jason Mercer, TREB’s Director of Market Analysis.