Toronto Star
Toronto house sales down in June, but prices up
Greater Toronto Area housing sales were down less than 1 per cent in June and prices rose year-over-year.
Aaron Harris / Toronto Star
Greater Toronto Area housing sales were down less than 1 per cent in June, 2013 and prices rose year-over-year.
The much-hoped-for June rebound in home sales failed to materialize in Toronto, according to figures released Thursday by the Toronto Real Estate Board.
While sales across the GTA were down less than 1 per cent in June compared to a year earlier, it was a far cry from Vancouver, which showed signs of a turnaround last month with an almost 12 per cent jump in sales, the biggest increase in two years.
GTA prices were up 4.7 per cent year-over-year to an average $531,374, while Vancouver prices slipped by 3 per cent.
Realtors had been expecting a flurry of activity in June. The winter that would not end put a damper on house hunting and buying through the usually busy spring market months of April and May.
Some economists had expected that the recent inching up of interest rates might also push a lot of potential buyers, armed with pre-approved fixed-rate mortgages, off the fence in June.
Some veteran housing analysts believe the June numbers are yet more evidence that the Canadian housing market is gliding to a soft landing, rather than heading for a crash. But Scotiabank economist Derek Holt cautioned Thursday that the numbers look more hopeful because they are being compared to last June, one of the weakest Junes on record.
Most of the 4.7 per cent price growth in the GTA was driven by the sale of detached and semi-detached homes, especially in the City of Toronto, notes TREB, plus the fact that new listings declined by 6.1 per cent, driving competition for too few houses to meet demand.
Even condo prices held steady, with GTA sales prices averaging $343,546 across the GTA ($366,532 in the 416 region and $288,604 in the 905 regions), despite the fact the inventory of condos for sale remains at unusually high levels and sales were down 3.5 per cent.
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