Even concerns that Canada is on the verge of a recession did nothing to dampen demand for homes in June as the spring buying spree – and prices – hit new records.
Home sales were up 18.4 per cent from June of 2014 and the average sale price hit a record $639,184, up 12.3 per cent year over year, according to figures released by the Toronto Real Estate Board Tuesday.
Almost 12,000 detached houses, semis, townhouses and condos changed hands in June.
Leading the pack in terms of strongest sales growth were homes at the two ends of the spectrum – with condo sales up 22.4 per cent across the GTA and unrelenting demand for high-end homes driving much of the 18.3 per cent sales growth in detached houses.
The average price of a detached house was up 14.2 per cent, year over year, to an average of $1.052 million in the City of Toronto. That compared to $738,016 in the 905 regions, with demand – and prices – likely to surge, yet again, if the Bank of Canada drops interest rates further, as some economists anticipate.
Even the much-watched condo sector – where new supply has helped keep affordability in check – saw prices increase 6.3 per cent in June.