Toronto Home Prices Hit Record High In June

Toronto home prices surprised on the upside in June.

Prices in Canada’s largest housing market climbed to a record high last month, and the local real estate board suggests there's no end in sight with plenty of buyers hunting for a home.

The average selling price for all homes sold in the Greater Toronto Area climbed 11.9% year-over-year in June to $930,869, according to data released by the Toronto Real Estate Board (TREB). That exceeds the previous high of $920,791 that was logged in April 2017 amid bubble fears that prompted intervention by Ontario's government.

Prices rose across all property types in June, led by a 22% surge for semi-detached homes in the city of Toronto, where the average price reached almost $1.3 million. Selling activity rose sharply as COVID-19 lockdown measures eased in the month. Indeed, 8,701 properties traded hands across the GTA in June, representing an 84% jump from May.

Meanwhile, the number of homes on the market rose almost 33% month-over-month to 14,001 active listings. However, that level of inventory was almost 29% below year-ago levels.

"We are still in the early days of recovery, but barring any setbacks, we should continue to see stronger market conditions in the second half of 2020 as households look to satisfy their ownership housing needs," said TREB in a news release.