Summer is finally here! We are feeling the heat in full effect, this is usually the time when us Torontonians start to gripe about the weather being too hot. Speaking of hot, the real estate market in the city continues to remain strong. Prices have continued to climb year-over-year, although sales volumes were relatively flat. Tighter lending rules have put some potential homebuyers plans on hold. Increases in interest rates late June and early July will likely also contribute to a bit of a slowdown. Again, I’m confident this will not have a major impact on the Toronto market. Before I review some actual figures from this past month, I’d like to reiterate that I’m happy to elaborate on any of the data and insights in this report or provide you with neighborhood-specific figures. Just send me an email or give me a call at 416-690-2181 to discuss.
As mentioned, home prices continue to rise at a steady pace in Toronto. Average home prices where up 4.7% year-over year. The average sale price in June 2013 was $531,374, up from $507,342 in June 2012.
The graph below shows a running tally of month-by-month averages prices in 2012 and 2013:
Sales volumes were relatively flat, down 0.7% since the same period last year. 9,061 homes were sold in June 2013, down from 9,129 from June 2012.
The chart below illustrates the actual figures for supply (active listings) and demand (sales):
|Supply vs. Demand|
|Jun 2012||Jun 2013|
The next chart outlines the average prices by housing types (detached, semi-detached, etc.). June 2013 and Year-to-Date (YTD) cumulative totals
|Overall Toronto Average Prices by Type|
Thanks for reading my market update. As always, if you have questions, looking to make a move or know someone that is, let me know – I’m happy to help!