GTA detached housing market improves from last year

By Geraldine Grones

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.

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