The average price of a home in the Greater Toronto Area has increased by more than $107,000 in a year according to data from the Toronto Real Estate Board.
An average home cost $639,909 in June 2015 but a year on and buyers would expect to pay $746,546. Sales increased in June by 7.5 per cent year-over-year with 12,794 through TREB’s MLS system while new listings were down 3.8 per cent.
New TREB president Larry Cerqua is calling for more action on the reduced housing supply in the GTA.
“As the federal, provincial and local levels of government discuss housing policy in the coming months, issues affecting the lack of supply in the GTA should be of paramount importance. TREB will be undertaking, and making public, results of additional research in the second half of 2016, with the goal of proactively adding to the housing policy discussion,” he said.
The average selling price of GTA homes was up 16.8 per cent from last year with single-detached, semi-detached and townhouse segments leading price growth.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: