As we move more into the summer, the sales in Toronto’s market keep growing. Sales were up by 15.4 per cent year-over-year to 10,180 transactions. The number of new listings has also grown compared to the same period in 2013, which shows that the competition between buyers increased.
The average selling price in June was $568,953, which is a 7.4 per cent increase compared to June 2013. The strongest price growth in the GTA was recorded for semi-detached houses, with the average price up by 9.7 per cent year-over-year. The prices for low-rise home types like singles, semis and townhouses will most likely continue to grow through 2014.
Historically the market slows in mid June as Torontonians prepare to head north for the summer holidays. In the past couple of years and especially this year, due to the late spring, there is still a pent up demand of buyers looking for property. Some of this I would attribute to the large amount of foreign interest from countries around the world that perceive the Toronto market as a stable place to invest in the long term with very strong property rights. I look forward to an unusually strong summer this year!