A Record Pace For Home Sales in The GTA
Toronto Real Estate Board President Paul Etherington reported that real estate agents in the Greater Toronto Area took part in 5,661 home sales through the MLS system during the first two weeks of June 2015. This is a very significant increase of 15.7 per cent versus the same time period in 2014.
“We continued to see a record pace of home sales in the first half of June, as home buyers remained upbeat on ownership housing as a quality long-term investment. Growth in home sales was widespread, with year-over-year increases for all major home types, suggesting that households from many different age groups and walks of life are active in today’s market,” said Mr. Etherington.
The average selling price for transactions reported during the first 14 days of June was $650,732 – up 12 per cent in comparison to the first 14 days of June 2014. Strong price growth was noted for low-rise home types and condominium apartments. The Weir Team also witnessed strength for condos with our listing at 35 Hayden Street selling with multiple offers in just 3 days for full asking price.
“The familiar story of strong demand running up against a constrained supply of homes for sale continued to play out in the first half of June. Modest growth in new listings was not enough to offset the pent-up demand that has built during the first half of 2015. As a result, strong competition between buyers continued to result in strong price growth,” said Jason Mercer, TREB’s Director of Market Analysis.