TREA Sees The Market As A ‘Troubling trend’ Given July’s Sales

The average resale price for houses in the Greater Toronto Area has skyrocketed to $709,825 last month, says the Toronto Real Estate Board. This is a 16% increase compared to last year.

As for detached homes, the average price has increased by 21 per cent from July 2015 to $952,983.

TREB stated that up to 9,989 units were sold within the Greater Toronto Area last month alone. That’s the highest number recorded since July. That’s 2% increase compared to last year.

However, the listing rate dropped by 7% to 13,542 last month, which obviously accounts for the reason the real estate board rendered it a “troubling trend” as demand outpaces supply in the Toronto area.’

Analysts said that the average prices for a condo in the GTA increased by 9.2% to $406,865.

“Housing policy is now top of mind for all levels of government,” Toronto Real Estate Board president Larry Cerqua said in a statement Thursday.

“Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA.”