Toronto & GTA Real Estate Statistics for June, 2016

Toronto, Ontario - July 6, 2016 - The Toronto Real Estate Board confirmed today, with the release of the June, 2016 residential market statistics, what most of us already knew: the Spring market - and with it the second quarter - was capped off with yet another very strong month. Chart - Toronto & GTA Home Sales & Average Price by Major Home Type 2016-06

While price growth for all types was robust, the Detached group continued to lead the charge with an overall average price increase that came in just shy of 20% on sales volume that was up 7% versus last June.

In Metro Toronto 1,491 Detached homes changed hands, a 1.2% increase, at an average sale price of $1,259,486, a 19.6% increase over June, 2015. In the balance of the GTA, 4,816 detached homes changed hands, up 8.9%, at an average sale price of $892,747, up an even 21%.

Chart - Toronto & GTA Home Sales Year-Over-Year Summary @ 2016-06.png Condo Apartment sales rose 15% in Metro Toronto to 2,182 units at an average sale price of $448,002, up 6.9%. In the balance of the GTA, Condo Apartment sales rose 18% to 932 units at an average sale price of $359,308, up 10.7%.

Overall, including all TREB areas and all home types, the number of homes sold was up 7.5% to 12,794 units at an average sale price of $746,546, up 16.8% over last June's average selling price of $639,309.

As has been the case for some time - and a key driver of robust price growth - inventory remained Chart - Toronto & GTA Home Sales Historic Annual Stats to 2016-06.png historically tight: the 12,327 active listings as of the end of June represented a stunning 31.4% drop from the 17,972 listings that were active one year ago. Taking that Total Active Listings figure and dividing it by the month's total sales leaves us with an "Indicated Forward Inventory" figure of .96 - meaning less than one month's supply.

Homes sold "21.1% faster" this June compared to last at 15 days on the market compared to 19 last year.

This from Jason Mercer, TREB's Director of Market Analysis: "When TREB surveyed consumer intentions for 2016, we found that the majority of GTA households who were likely to purchase a home continued to be pointed towards some form of ground oriented housing. This is why we continue to see strong competition between buyers in many neighbourhoods where supply remains constrained.”

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