It’s still a great time to buy a condominium in the GTA, but you may want to move quickly.
According to June 2016 results released by the Toronto Real Estate Board (TREB), supply of all housing types continues to drop, pushing up prices as it has for months now.
While June housing sales increased by 7.5% (to 12,794) year-over-year, they declined from the 10.6% increase experienced last month. The drop was most evident in Toronto semis and townhomes, which reached negative territory (down 4.2% and 12.1% respectively.) Detached homes in the 416 area were up by only 1.2% to 1,491. Meanwhile, sales of condos in 416 increased by 15% to 2,182, and by 18% to 932 units in the 905 area.
June’s average home price increased 16.8% to $746,546. The price of a detached home in Toronto now exceeds $1.25 million – an increase of 19.6% over June 2015. In the 905 area, the average price of a single increased by 21% to $892,747.
Home prices increased by double digits across the board, with the exception of condo units in downtown Toronto (which increased by only 6.9% to $448,002.) Units in the 905 area increased by 10.7% to $359,308.
Overall, new listings dropped by 3.8% year-over-year. And as inventory continues to shrink, sellers may want to take note: The expression ‘strike while the iron is hot’ applies to you…not just your buyers.
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