Key facts
- Greater Toronto Area home sales rose 1.4% in June from May, reaching 5,404 units.
- The home price index increased 0.3% month-over-month to C$930,800.
- Sales were up 9.4% year-over-year, with new listings down 12.9%.
- The home price index was down 5.4% year-over-year.
Home sales in the Greater Toronto Area (GTA) rose for the fourth consecutive month in June, indicating a continued recovery in the housing market. Seasonally adjusted sales increased by 1.4% compared to May, reaching 5,404 units, the highest level since November. The benchmark home price index also saw a month-over-month increase of 0.3% to C$930,800 (approximately $656,464).
This marks a significant improvement after a slow start to the year. Daniel Steinfeld, president of the Toronto Regional Real Estate Board, noted a "marked improvement" in sales during the second quarter and anticipates further transaction acceleration and increased buyer competition in the latter half of the year, which should lead to renewed price growth.
On an annual basis, sales were up 9.4%, but new listings saw a decline of 12.9%. The home price index, however, was down 5.4% year-over-year.