June home sales slightly higher in the GTA compared to June 2017
Home sales in the Greater Toronto Area rose 2.4 per cent in June compared to the same month a year ago, and were 17.6 per cent higher compared to May, according to the latest data released Thursday by the Toronto Real Estate Board (TREB).
The slight year-over-year increase followed a steep sales drop of 22.2 per cent in May across the GTA compared to May 2017, reflecting what TREB says is a continuing trend of volatile buyer reaction to various policy changes impacting the market.
The board said 8,082 homes changed hands in the GTA in June, with the average selling price edging up by two per cent on a year-over-year basis to $807,871.
Sales of detached homes led the way, with the board reporting 3,589 sales at average price of $1,033,574. TREB said 2,234 condos were sold during the month for an average of $561,097.
Board president Garry Bhaura said market conditions appear to be tightening with new listings down compared to last year.
At the same time, said Bhaura, home buyers are starting to move back into the market, with sales trending up from last year's lows.