Toronto real estate prices show record high levels

In June, Toronto saw record high real estate prices, and the Toronto Regional Real Estate Board (TRREB) says it’s not the end yet, as there are many potential homebuyers at the market.

According to TRREB, the average home price in the Greater Toronto Area was up by 11.9% annually last month reaching $930,869. It’s even higher than the previous record level of $920,791 seen in April 2017 when bubble worries led to intervention by Ontario’s Liberal government.

Housing prices went up for all home types with Toronto semi-detached houses showing the largest increase by 22% to almost $1.3 million.

Home sales were also up significantly, as the pandemic measures eased in June. The GTA saw 8,701 sales, marking an 84% gain from May.

At the same time, the number of active listings showed almost a 33% monthly hike with 14,001 units available for sale at the market. Nevertheless, the level of inventory was almost 29% lower than a year earlier.

“Before the pandemic, we’ve seen an extremely strong market demand, and it’s been growing during the previous 3 months. Yes, it’s still the beginning of the recovery process, but we’ll see better market conditions in the second half of this year, as consumers want to become homeowners”, – noted TRREB President Lisa Patel.