GTA REALTORS® reported 12,794 sales in June 2016. This presented a 7.5 per cent increase compared to June 2015. New listings were down by 3.8 per cent in a year-over-year comparison, which had a significant impact on the average price as well. The average selling price for all home types was up by 16.8 per cent, amounting to $746,546.
The Toronto real estate market keeps chugging along because the basic elements are hard to change. There is a minimum of space to build new and prices continue to rise due to the lack of product and the high net immigration.
The only thing that could change the flow of our present marketplace would be fear of or involvement of government. Supply and demand seem to have a life of their own until government interference throws it off. Pressure is mounting on all levels of government to interfere so it will be interesting to see if political involvement is in our future.
Title photo: Corner Office by Michael Pardo