TREB says home sales up 10.4 per cent in June, average price up three per cent

Toronto Real Estate Board to make GTA home sales data available by Tuesday
Light from the sunset hits the skyline in Toronto, Ont., on Tuesday October 31, 2017. The Toronto Real Estate Board is following through with its threat to take action against real estate companies that post Greater Toronto Area home sales data without password protection. THE CANADIAN PRESS/Mark Blinch

The Toronto Real Estate Board says home sales were up 10.4 per cent in June compared with last year as the market continued a moderate spring rebound.

It says the Greater Toronto Area saw 8,860 sales through the Multiple Listing Service system in the month, up from 8,024 in the same month last year.

The rise in sales, combined with a very slight dip in new listings, helped push the average selling price up three per cent to $832,703.

Sales data for the month falls roughly in line with trends for the first half of the year, which saw sales up 8.5 per cent and the average selling price climb 2.4 per cent.

“Buyers started moving off the sidelines in the spring, as evidenced by strong year-over-year price growth,” said TREB chief market analyst Jason Mercer in a statement.

“Because we saw virtually no change in the number of new listings, market conditions tightened and price growth picked up, especially for more higher density home types.”

Average condo selling prices have climbed five per cent so far this year, townhouse prices up 2.7 per cent, semi-detatched homes up 4.5 per cent, while detached home prices have dipped 0.8 per cent.

For June, condo prices climbed 5.2 per cent as sales dropped 3.2 per cent, while detached home prices dipped 1.4 per cent as sales rose 18.6 per cent.

New listings for June totalled 15,816, down 0.4 per cent from last year.