Latest Figures from the Toronto Real Estate Board Getting You Down?

Latest Figures from the Toronto Real Estate Board Getting You Down?

If you need further evidence that looking beyond the GTA for a great property without a super high price tag, here's the latest update from the Toronto Real Estate Board on sales and prices. . . 

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.

If the cost of a home in Toronto is causing you to feel discouraged or that you may never be able to enter the market, please don't despair! Why not look at the Kawarthas? We have some awesome properties available at great prices. Check out our listings and call or text us at (705) 328-3800 any time!