Toronto Market Re-balancing in June 2017
The Toronto Real Estate Board (TREB) just released its mid-month report for June 2017.
JUNE 2017 TREB MID-MONTH STATISTICS
June 19, 2017 – Greater Toronto Area REALTORS® reported 2,999 transactions through TREB’s MLS® System during the first 14 days of June 2017.
This result was down by 50 per cent in comparison to the same time period in June 2016. The decline in sales was greatest for detached houses followed by other low-rise home types.
The number of new listings through the first two weeks of June was up on a year-over-year basis to 9,988 – a 22 per cent increase compared to the same time period in 2016.
It is worth noting, however, that the annual growth rate for new listings did moderate compared to May.
Growth in new listings was much stronger in the regions surrounding the City of Toronto, where low-rise home types are most common.
In the City of Toronto, where the concentration of condominium apartments is higher, new listings growth was much more subdued. The condominium apartment market remains relatively tight.
The average selling price continued to increase compared to 2016 – up by 6.7 per cent to $808,847 for all home types combined. GTA-wide, the strongest average annual rate of growth was for the condominium apartment segment – up by 25.5 per cent compared to the first 14 days of 2016. The average selling price for detached houses was up by 7.7 per cent year-over-year.
Also, you will be interested in the following:
416 905 Total
Detached $1,503,868 $1,025,893 $1,141,041
Semi $1,062,318 $682,565 $824,667
Townhouse $741,211 $629,229 $656,392
Condo $564,808 $448,867 $531,659
That’s current pricing. Will the end of June numbers reflect this same trend?
Brian Madigan LL.B., Broker