TREB: GTA home prices rise in June, as listings fall
July 06, 2016
The average Toronto area home has increased in price by almost 17 per cent in the last year according to resale figures released Wednesday by the Toronto Real Estate Board (TREB).
The number of available listings decreased by 3.8 per cent this month, a factor that TREB President Larry Cerqua believes contributed largely to the increased prices.
“There is no doubt that demand is at a record level, but would-be homebuyers continue to face an uphill battle against a constrained supply of listings,” said Cerqua in a press release Wednesday.
In June 2015, the average price of a GTA home was $639,309. In June of this year it rose to $746,546.
More research from the board will be released later in the year to contribute to continued discussion from all levels of government pertaining to the GTA’s hot housing market, said Cerqua.
Price growth was led by single-detached, semi-detached and townhouse sales in the market according to the board.
This could indicate a preference for homes that are ground oriented, at least for GTA households that are looking to purchase a home, said Jason Mercer, director of market analysis at TREB.
“This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained,” said Mercer.
About Olivia Bowden
Olivia Bowden is a freelance writer and is currently an Editorial Intern at YP Next Home. She attends Carleton University and is completing a Master of Journalism degree. Olivia enjoys learning and writing about the Canadian real estate market.