TORONTO, July 7, 2015 – TORONTO, July 7, 2015 – Toronto Real Estate Board
President Mark McLean announced that Greater Toronto Area REALTORS® reported
11,992 sales through TREB’s MLS® System in June 2015. This result represented a
new record for the month of June and an 18.4 per cent increase over the June 2014 result of 10,132.
“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,” said Mr. McLean.
Selling prices were up markedly on a year-over-year basis in June, for all major home
types. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per
cent in comparison to June 2014. The average selling price was up by 12.3 per cent
over the same period to $639,184.
High-end homes have accounted for a greater share of overall transactions this year
compared to last year. This is the key reason why the average selling price has
increased at a greater annual rate than the MLS® HPI Composite Benchmark.
“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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