Average Toronto home sale price hits new record

Toronto home sales hit a new record in June 2015, as the average sale price reached $639,184.

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Nearly 12,000 residences were sold last month, according to a report issued Tuesday by the Toronto Real Estate Board (TREB).

Home sales were up 18.4 per cent from June of last year, and the average sale price was up 12.3 per cent, the report said. Selling prices were up in all categories, but the spike in the average price was attributed to an increase in "higher end homes," the report said.

The selling price of detached homes rose 14.2 per cent, bringing the average to $1.052 million in Toronto. The average in the 905 area, including Halton, Peel, York, Durham, Orangeville and South Simcoe County, was $738,016.

Condo sales also spiked, rising 22.4 per cent across the Toronto area, pushing the average price to $418,599 in Toronto and $324,888 in the 905.

"The GTA consistently receives international accolades as one of the best places in the world to live and do business," TREB President Mark McLean said in a statement.

"As the number of households grow, many of them will take advantage of the diversity of affordable home ownership opportunities that exist in Toronto and the surrounding areas."