June was another record month in the Toronto real estate market. Sales volume was up 18.4% to 11,992 transactions (over 10,132 in June, 2014), setting a new record for the month of June. Over the same period, new listings increased by 6.7%, to 17,746, but total active listings shrank by 13.1% to 17,972 (down from 20,686 last June) due to the rapid pace of sales. This familiar combination resulted in another increase in the average sale price. The June average (for all types) of $639,184 was up 12.3% year-over-year.
The MLS® Home Price Index (HPI) Composite Benchmark, which does a more detailed comparison (e.g. adjusting for number of bedrooms, finished vs. unfinished basement, etc.) was up a slightly more moderate 8.9% (same as May).
The condo market in the 416 saw sales increase by 21.3%, and average price increase by 7%, to $418,599. That market continues to be a great option for first-time buyers, investors, downsizers, and anybody who wants to live the downtown lifestyle.
So, as expected, June was a busy month, possibly due in part to a slow start to the spring real estate season. July is shaping up to be busier than usual, too – which sometimes happens after a late spring market. Buyers, stay active and you’ll find what you are looking for! Sellers, you stand to benefit from an active market – so no need to hold off ’til fall.