Just a quick update on the current market and the analysis of June 2014 real estate atmosphere.
As anticipated the market is booming right into the traditionally slow summer months. Both as a result of the scarcity of listings over the spring months and the general winter apathy which permeated the market, we saw an unusually quiet March and April.
However, we are now off to the races with these June stats to prove the point:
*Sales are up 15.4% in comparison to this time last year.
*The GTA boasted 10,180 in total.
*The average selling price for June transactions was $568,953. This number represents an increase of 7.4 per cent compared to June 2013.
*The strongest price increase for the GTA as a whole for semi-detached houses, with the average price up by 9.7 per cent
New listings were also up compared to the same period in 2013, but by a lesser annual rate. This means that competition between buyers increased in June. “Home buyers in the Greater Toronto Area are confident in their ability to purchase and affordably pay for a home. Generally speaking, buyers feel that ownership housing will be a good investment over the long term. This is why we continued to see increases in home sales in June for all major home types across the GTA”, according to Peter Etherington, the President of the Toronto Real Estate Board..
The pace of price growth for condominium apartments was also strong at 6.8 per cent. “With less than two months of inventory in many parts of the GTA, it makes sense that we continued to experience very strong price growth in June. This is especially the case for low-rise home types like singles, semis and townhouses. Strong price growth for these home types will continue through the remainder of 2014. Despite higher inventory levels, the condominium apartment market segment has benefitted from enough buyer interest to result in above-inflation price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
The market continues to be strong and vibrant and, as a result, our office is as productive today as it was at the height of the so-called spring market.
Please see the attached link for further information and detailed charts showing statistics please go to the following link: