Toronto’s housing market rebounded in June with sales rising 10.4% from a year earlier and the average selling price up 3% in the month.
Deteriorating inventory across the Greater Toronto Area (GTA) helped push the average price for new homes in the region to $832,70, up 3% from May of this year. In all, there were 8,860 property transactions across the GTA in June, representing a 10.4% increase from the same period of 2018.
Meanwhile, total active listings fell almost 6% in the month. The combination of rising sales and fewer homes on the market helped lift the average selling price in the GTA. That opened the door for the local real estate board to renew its criticism of stress tests on uninsured mortgages that took effect at the start of 2018.
"Over the next year, as demand for ownership and rental housing continues to grow, my hope is that we will see more movement from policy makers on two fronts: alleviating the constrained supply of housing and providing more flexibility around demand-side policies, including the OSFI (Office of the Superintendent of Financial Institutions) two-percentage-point mortgage stress test and allowable amortization periods on insured mortgages," said the Toronto Real Estate Board in a news release.
