Tight supply drives up real estate prices in Toronto area

Real estate market report

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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.