Tight supply drives up real estate prices in Toronto area

Editor's note: All dollar amounts are in Canadian currency, unless otherwise noted. Condo tower in Toronto. Image courtesy of veggiefrog.Greater Toronto area home prices accelerated during the second quarter as buyers grappled with a tight supply of residential properties for sale. The heightened competition between buyers has created a seller's market, leading to multiple offers and pushing the median sales price up 10 percent, to $405,000 (about $424,000 in U.S. dollars), in June. At the same time, active listings declined 24 percent from a year ago in Canada's largest metropolis. This report highlights real estate market statistics and trends in the Toronto metro area and includes a chart with detailed market data and commentary from local real estate professionals.Overview Existing-home sales in the Greater Toronto area climbed 21 percent to 10,230 in June from a year ago, representing the third best June results ever, according to the Toronto Real Estate Board. Brisk ...