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Toronto home sales propelled by a surging detached market

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Toronto’s detached home sales in June helped offset notably slower activity in the condo sector, according to the latest data collected by TREB.

The city’s detached housing segment enjoyed a 19% year-over-year increase in sales last month, which made up for the condo market’s 3.2% decline during the same time frame.

Lower condo sales stemmed from a weaker Toronto core, which suffered a 5.6% decline in activity last month. This negated a 2.7% increase in the GTA.

Overall Toronto sales went up by 10% annually in June, for a total of 8,860 homes changing hands. TREB noted that the market continued to labour under low supply and red-hot prices, however

New listings dropped minutely by just 0.4%, ending up at a mere 15,816 homes for sale in Toronto. The market’s benchmark housing price grew by 3.6% year-over-year to $798,500, and the average sales price increased by 3% to $832,703.

Condos remained among the most desirable property types, posting the largest annual price growth at 7.5%. The benchmark price of the asset class stood at $539,500 in June.

“Buyers started moving off the sidelines in the spring,” TREB chief market analyst Jason Mercer stated, as quoted by the Financial Post.

“However, 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, which, on average, are less-expensive than traditional detached houses and therefore provide more affordable housing options.”

 

About the Author

Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth. Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance. LinkedIn | Email  

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