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June 2019 GTA Real Estate Market Report Summary

June 2019 GTA Real Estate Market Report Summary

 

Toronto’s real estate continues to be hot this summer. TREB just released their June 2019 real estate stats that show both listings and sales were up. TREB’s new president, Michael Collins, announced there was a 10.4% increase in sales in June 2019 compared to June 2018.

 

“As I start my term as President of the Toronto Real Estate Board, I am proud to say that the Greater Toronto Area continues to grow, in terms of employment, population and overall diversity. As people are attracted to our region from all around the world, they obviously need a place to live. Over the next year, as demand for ownership and rental housing continues to grow, my hope is that we will see more movement from policy makers on two fronts: alleviating the constrained supply of housing and providing more flexibility around demand-side policies, including the OSFI two percentage point mortgage stress test and allowable amortization periods on insured mortgages,” said Mr. Collins.

 

Here is how GTA’s real estate fared in June:

 

Market Summary

After a slump during the winter months, Toronto’s real estate market has remained strong during the Spring and Summer months. There were a total of 8,860 real estate sales in June 2019. This was down from May, but actually a year-over-year increase. In June 2018, there were only 8,024 sales meaning there was a 10.4% increase in home sales from last year.

 

The average sale price also saw a small dip from May 2019, but an overall increase year-over-year. The average sale price in June 2019 was $832,703, which was a 3% increase compared to June 2018’s average sale price.

 

Richmond Hill went against the broader trends though. Although there were fewer sales in June compared to May, the average sale price and the number of active listings were up!

 

Price per Home Type

Detached homes continued to be popular in June across the GTA. There was a drop in the number of units sold, (4,225 in June compared to 4,649 in May). However, Richmond Hill actually saw an increase in the number of units sold. The average listing price in this neighborhood also jumped from $1,042,218 in May to $1,401,004 in June.

 

Semi-detached homes were less popular in June of this year. There were only 886 sold in June across the GTA compared to 1,019 in May. Richmond Hill reflected this trend with the number of semi-detached units dropping from 15 to 11. However, the average sale price for semi-detached homes increased across the GTA in June from $827,250 to $830,015.

 

Townhomes didn’t see much change from May 2019 to June 2019. The average sale price increased slightly to $608,187 from $601, 636. However, the number of townhomes units sold dropped a bit.

 

Condos continue to be a best seller in GTA real estate. There were 2,149 condo units sold across the GTA in June. The average sale price was $590,274. There were small dips from May to June, but nothing too drastic.

 

If you’re looking for a new home in Toronto, contact one of our Richmond Hill real estate agents today!

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Derek Li Group

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