The latest figures released by the Toronto Real Estate Board (TREB) also stated that in the same period, the average resale price of a residence in the GTA grew by over 16 per cent to $709,825, reported The Canadian Press
Meanwhile, the average condo price in the region increased by 9.2 per cent to $406,865.
July’s sales volume of 9,989 transactions—up from 9,813 the previous year—was the highest ever recorded for that month in the GTA, TREB added.
Along with a sharp 7 per cent decline of new listings to 13,542 last month, the TREB noted that these developments represent a “troubling trend” of surging demand far outstripping available inventory.
“Housing policy is now top of mind for all levels of government,” TREB president Larry Cerqua said on Thursday (August 4).
“Policy makers need to be focusing on solutions to the sustained lack of low-rise inventory throughout the GTA.”
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Toronto’s housing segment continues to heat up as the average price of a detached home spiked up by 21 per cent year-over-year in July, up to $952,983.