Toronto real estate prices soar but sales volume down
No let-up in Toronto’s hot real estate market
MoneySense at the MoneyShow: ETFs & Investing Strategies
Here’s how to get your free ticket to attend the MoneyShow virtual expo.
There’s been no let-up in Toronto’s hot real estate market and home prices continue to be sky high, according to statistics released today.
The Toronto Real Estate Board says there were 12,794 residential transactions through its members in June — 7.5% more than the same month last year.
The group’s home price index was up 16% from last year, amid steady demand and fewer new listings.
The number of new listings fell to 16,980 from 17,659 in June 2015 and from 17,412 in May of this year.
The average sale price in the Greater Toronto Area was $746,546 last month, up from $639,309 in June 2015 and up from $734,924 in May.
In the City of Toronto itself, the average price of detached houses was nearly $1.26 million — up 19.6% from a year ago but down slightly from the May average price of $1.28 million.
Incoming TREB president Larry Cerqua says government discussions on housing policy need to address the lack of supply in the Greater Toronto Area.
“There is no doubt that demand is at a record level, but would-be home buyers continue to face an uphill battle against a constrained supply of listings, which has perpetuated strong price growth,” Cerqua said in a statement.
— The Canadian Press
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Related Articles
Where are rent prices headed in Canada?
A new Desjardins report predicts rent inflation will slow in the next few years.
What to know as Canada’s capital gains tax changes remain in legal limbo
The federal government’s capital gains inclusion rate increase has yet to become law. There’s a slight chance it may...
How Trump’s election win could affect interest rates in Canada
Experts say Donald Trump’s promised policies risk higher inflation and could weigh on the Canadian dollar.
Looking for a mortgage in B.C.? Don’t limit your options to the big banks
Sponsored By
Coast Capital
Why are Canadians still frustrated with the economy?
Inflation is down, wages are up. But the economic recovery has been uneven, with “two contradictory trends” shaping Canadians’...
Alberta called—“What I wish I’d known before making the move”
“After rushing into the real estate market, I quickly learned I wasn’t ready for the real cost of home...