Toronto had record month for home sales in June
Published Monday, July 6, 2009 4:30PM EDT
There may still be a recession on, but don't tell Toronto home-buyers that.
The Toronto Real Estate Board reported Monday that almost 11,000 homes were sold here in June, up 27 per cent over June 2008.
In addition, the average price was $403,972, which is a two per cent increase over June 2008.
"The record result in June is testament to the fundamentally sound housing market in the GTA," said Tom Lebour, the board's president, in a news release. "An increasing number of households have been confident in purchasing a home in the region's affordable and diverse resale housing market."
Jason Mercer, the board's senior manager of market analysis, added: "The re-emergence of seller's market conditions has exerted upward pressure on home prices.
"Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing."
According to data provided by the board, no category of dwelling -- detached, semi-detached, condo -- achieved more than its asking price.
For example, semi-detached homes sold for an average of 99 per cent of asking, while co-op apartments got 96 per cent of asking price.
Here is how June 2009 compared to June 2008 (in brackets):
- Sales - 10, 955 (8,600); 27 per cent
- New listings - 13,357 (16,069); -17 per cent
- Active listings - 18,704 (26,697); -30 per cent
- Days on market - 33 (34); -3 per cent