Greater Toronto Area’s detached housing market is improving, according to the Toronto Real Estate Board’s (TREB) June figures.
GTA’s detached benchmark price reached $942,200 last month, up by 1.47% from last year. The City of Toronto’s benchmark price hit $1,135,200, up by 1.41% from last year.
The median detached sale price made a smaller movement. TREB reported a median sale price of $866,250, up by 1.07% from last year. The City of Toronto median sale price hit $1,049,000, up by 1.35% from last year.
In contrast, the average sale price of a detached home fell across GTA. TREB reported an average sale price of $1,018,987, down by 1.41% from last year. The City of Toronto’s average sale price dropped to $1,332,639, down by 1.6% from last year.
Compared to the previous year, GTA detached home sales made a big jump. TREB reported 4,225 sales last month, up by 17.72 from last year. The City of Toronto represented 995 of those sales, up by 12.42% from last year. More than 50% of GTA detached homes sold 8.06% below the benchmark, while more than 50% of the City of Toronto homes sold 7.59% below the benchmark.
Meanwhile, the number of new listings made a slight increase. TREB reported 8,675 new listings last month, up by 3.06% from last year. The City of Toronto represented 1,957 of those listings, up by 9.14% from last year.
The number of total listings, however, fell in GTA but rose in the city. TREB reported 12,301 active listings, down by 1.5% from last year. The city represented 2,454 of the listings, up by 8.58% from last year, according to a Better Dwelling report.