Just as summer seems a bit delayed, the real estate market seems to be stretching into the warmer months. If you look at the stats, we can see how the pent up demand that is finally being met and how atypical this market activity is for this time of the year. July is continuing on this trend.
In June, sales were up 18.4% over last year and new listings were up 6.7%. However there is still an imbalance with greater demand than supply as indicated by an increase in the average home sale price of 12.3%.
We still expect higher than usual activity well into July – we’re experiencing a peak of new listings coming out this week and more to come – a welcome relief for buyers but no rest for us until August 🙂
For the full Toronto Real Estate Board Market Watch, click here.
TREB Housing Charts: