Brian Madigan LL.B., Broker
BRMadigan@iSourceRealEstate.com

RE/MAX West Realty Inc.,
Brokerage
Independently owned and operated

96 Rexdale Blvd. 
Toronto, Ontario 


Phone: 416-745-2300
Toll Free: 1-888-507-0817

 

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Toronto House Prices Dip Slightly in June 2015

July 7, 2015 - Updated: July 7, 2015

Toronto House Prices Dip Slightly in June 2015

 

The report of the Toronto Real Estate Board (TREB) on the sales activities in the month of June has just been released. The number of transactions was up rather substantially. However, you will notice that prices dipped somewhat. The average sale price is off about $10,000 from May.

 

Here’s the TREB report:

 

Record Sales and Strong Price Growth in June

 

TORONTO, July 7, 2015 – Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 11,992 sales through TREB’s MLS® System in June 2015. This result represented a new record for the month of June and an 18.4 per cent increase over the June 2014 result of 10,132.

 

“As I begin my term as TREB President, I think it is important to point out that our region continues to grow in response to our diverse economic, ethnic and cultural bases. The GTA consistently receives international accolades as one of the best places in the world to live and do business. As the number of households grow, many of them will take advantage of the diversity of affordable home ownership opportunities that exist in Toronto and the surrounding areas,” said Mr. McLean.

 

Selling prices were up markedly on a year-over-year basis in June, for all major home types. The MLS® Home Price Index (HPI) Composite Benchmark was up by 8.9 per cent in comparison to June 2014. The average selling price was up by 12.3 per cent over the same period to $639,184.

 

High-end homes have accounted for a greater share of overall transactions this year compared to last year. This is the key reason why the average selling price has increased at a greater annual rate than the MLS® HPI Composite Benchmark.

 

“It is encouraging to see that new listings have edged upward so far this year, as homeowners have reacted to strong home price growth and have looked to take advantage of increased equity in their homes.

 

However, the annual rate of sales growth continues to far outstrip listings growth, which means that there remains a lot of willing buyers in the marketplace who haven’t found a home that meets their needs.

 

As long as this situation persists, expect home prices to trend strongly upward,” said Jason Mercer, TREB’s Director of Market Analysis.

 

 

COMMENT

 

The TREB commentary deals with “year over year” results. So, we compare June 2015 with June 2014. That type of comparison wouldn’t bode well if you were looking at the stock market.

 

I prefer to also look at the numbers as they progress month to month. In this case, June 2015 was a down month. The numbers were higher in May 2015.

 

You will see that there is a strong upward trend generally, but we don’t need to overstate that, by ignoring the present trend which is downward.

 

Just a quick prediction. The trend will be downward in July, and further downward in August. So, stay tuned!

 

2014

 

January                $526,965

February              $552,859

March                  $557,981

April                    $578,354

May                     $584,946

June                     $569,174

July                      $550,685

August                 $546,511

September            $574,424

October                $587,906

November            $577,502

December             $556,311

 

2015

 

January                $552,967

February              $596,557

March                  $614,010

April                    $636,078

May                     $649,800

June                     $639,184

 

You will notice that the June final number is $10,616.00 less than May, but $3,106.00 higher than April.

 

Brian Madigan LL.B., Broker

www.iSourceRealEstate.com


Tagged with: toronto house prices. june 2015
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Brian Madigan LL.B. Broker

RE/MAX West Realty Inc. Brokerage

Independently owned and operated

96 Rexdale Blvd. , Toronto Ontario,

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