The latest resale home stats are out for June. And they are encouraging. We are the mortgage broker in Toronto that wants to provide you with all the current information. That’s why we keep track of the most recent numbers from the Toronto Regional Real Estate Board (TRREB).
The Greater Toronto Area Realtors reported there were 8,701 sales in June. This is important because it represents a big bump over the May sales numbers. The report goes on to say the positive numbers for June were only down from last year by 1.4 percent. It had everything to do with the economy reopening, according to the research.
Price growth was strongest in the semi-detached and attached markets for Toronto. Year-over-year, new listings were up by 2.1 percent.
TRREB CEO John DiMichele sounded a cautionary note in a recent press release stressing one weakness must be closely monitored.
“The persistent lack of listing inventory in the GTA understandably took a back seat to COVID-related issues in the short term, but supply should once again be top-of-mind once the recovery takes hold, in order to ensure long-term affordability in the GTA,” he said.
Other News from Your Mortgage Broker in Toronto
There was some other real estate news from TRREB worth noting. According to their recent release, the average price of a house in Toronto last month hit an all time high. At $930,869, these numbers are encouraging considering the pandemic.
Before we all get too excited, it’s important to understand how this happened. It’s likely this is a short-term demand spike caused by the housing market almost shutting down completely during the height of the pandemic.
Look for more news from your mortgage broker in Toronto specialists as it happens. And remember, we can always get you the best mortgage rates and terms through our network of lenders.
