The Toronto Regional Real Estate Board (TRREB) has released its housing data for June. With 11,106 sales reported, the numbers have fallen off the record-setting pace we’ve become accustomed to, but are still transacting at a high volume. For context, this was the third best June on record (behind 2016, 2015) and represents a 28.5% increase over last year.
In keeping with seasonal trends, the number of sales declined 7.1% compared to May. However, inventory remains low as new listings were down 12.9% from last month. With 11,297 active listings on the market, the GTA housing supply sits at approximately one month.
The average June sale took place in 13 days on market. Of course, this varies by housing type and region. Single detached homes, for example, sold in 12 days on average, but in only 10 days in Toronto’s Eastern districts. On average, semi-detached are selling in 10 days, townhomes are selling in 11 days, and condo-apartments are selling in 15 days.
Another statistic that we continue to monitor is the demand for ground-level housing outside Toronto. In June, roughly 76% of all low-rise sales occurred in the 905, as buyers seek out lower prices and more space than can be found in the 416.
Low inventory and high demand continue to put upward pressure on home prices. June’s average sales price of $1,089,536 was an increase of 17% year-over-year. The MLS Home Price Index (HPI) Composite Benchmark, which is a better indicator of annual inflation, was up 19.9%. Detached homes showed the biggest gains at +25.6%.
Looking at price by category, detached homes sold for an average of $1,407,540, representing a year-over-year increase of 24.8%. The average price for semi-detached homes was $1,055,640 (+13.4%) and townhomes rose to $859,411 (+17.8%). The average price of condos was $683,479, an increase of 8.3% year-over-year.
The market for real estate remains strong across the GTA. Though the pace of activity may be down from the previous 3 months, supply is tight and homes sell fast. This remains a very strong seller’s market, so if buying or selling real estate are part of your summer plans, speak with a Harvey Kalles Real Estate sales professional to best position yourself for success.