Toronto home prices soar to record high in June
Home prices climbed to a record high in Toronto last month, and the local real estate board suggested there's no end in sight with plenty of buyers hunting for a home.
The average selling price for all homes sold in the Greater Toronto Area climbed 11.9 per cent year-over-year in June to $930,869, according to data released Tuesday by the Toronto Regional Real Estate Board (TRREB) . That exceeds the previous high of $920,791 that was logged in April 2017 amid bubble fears that were running rampant at the time and which prompted intervention by Ontario's then-Liberal government.
Prices rose across all property types last month, led by a 22 per cent surge for semi-detached homes in the city of Toronto, where the average price reached almost $1.3 million.
Selling activity rose sharply as COVID-19 lockdown measures eased in the month. Indeed, 8,701 properties traded hands across the GTA in June, representing an 84 per cent jump from May.
Meanwhile, the number of homes on the market rose almost 33 per cent month-over-month to 14,001 active listings; however that level of inventory was almost 29 per cent below year-ago levels.
"Before the onset of COVID-19, there was a great deal of pent-up demand in the market. This pent-up demand arguably increased further over the past three months. We are still in the early days of recovery, but barring any setbacks, we should continue to see stronger market conditions in the second half of 2020 as households look to satisfy their ownership housing needs," said TRREB President Lisa Patel in a release.