Housing sales in the Greater Toronto Area were down by less than 1 per cent in June compared with the same month a year ago, while the average selling price was up by 4.7 per cent at $531,374, according to a report by Toronto Real Estate Board.
“In line with the 2013 norm,” June price growth was driven by single-detached and semi-detached houses, particularly in the city of Toronto, the board said in a report Thursday.
Over the same time period, average condominium apartment selling prices remained in line with 2012 levels, it said.
Meanwhile, new listings were down more than sales, which the board says suggested that market conditions became tighter.
“The sales picture in the GTA improved markedly in the second quarter of 2013,” board president Dianne Usher said in remarks accompanying the report.
“While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter.”
“As a growing number of homebuyers, many of whom put their purchase on hold due to stricter lending guidelines, now reactivate their search, the expectation is for renewed growth in home sales in the second half of 2013,” she added.
Jason Mercer, the board’s senior manager of market Analysis, said the relative short supply of low-rise home types in many parts of the GTA continued to “prompt strong upward pressure on selling prices of singles and semis.”
“We have also seen enough buyers in the better-supplied condo apartment market to provide support for selling prices at current levels,” Mercer added.
The reports breakdown by market segment showed that detached home sales in Toronto’s 416 area code were down 6.9 per cent at 1,137 in June, but the average price was up 8.1 per cent at $866,326.
That compared with a 3.2 per cent increase in sales to 3,411 in the 905 area, where year-over-year prices were up 4.9 per cent at $598,708.
The semi-detached market in the 416 area saw a 3.1 per cent decrease in sales to 380, but a 9.5 per cent increase in prices to $618,194, and a 0.8 per cent increase to 623 in the 905 area where prices were up 3.7 per cent at $411,877.
Condo apartment sales were down four per cent at 1,329 in the 416 area, while the average price was relatively stable, up just 0.3 per cent at $366,532.
At the same time, 905-area sales were down 2.3 per cent at 556, with the average year-over-year selling price up 0.9 per cent at $288,604.