GTA Resale Housing Market Posts Best June on Record
TORONTO, July 6, 2009 - In June 2009, Greater Toronto REALTORS® reported a record10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales inJune was 100,700.
"The record result in June is testament to the fundamentally sound housing market in the GTA,"said the Toronto Real Estate Board’s newly appointed President Tom Lebour. "An increasing number of households have been confident in purchasing a home in the region’s affordable anddiverse resale housing market."
The average price for June transactions was $403,972 – up by two per cent compared to thesame month last year. "The re-emergence of seller’s market conditions has exerted upward pressure on home prices,"explained Jason Mercer, TREB's Senior Manager of Market Analysis. "Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing."
Using the sales numbers for June '09 alone, we are selling one house for every 1.78 homes available for sale. This is coupled with a reduction in the number of homes available for sale of appraoximately 14% and the combination will result in continued price increases and a sellers markets moving into the doldrums of summer.
Table Last 16 month
Will this continue? As long as interest rates are low, and the Harmonized sales Tax is on the horizon, informed people will want to make the move sooner not later.
What do you think?