TREB June ‘16 numbers show continuous overheating

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The Toronto Real Estate Board’s latest numbers showed a metropolitan housing market that is exhibiting no symptoms of cooling down, a situation that might be exacerbated by the low-interest climate that would prevail due to the Brexit decision a few weeks ago.
Average sales prices across all types of residential real estate in Toronto increased on a year-over-year basis last month, Zoocasa Life reported.
“It’s possible that the market is plateauing, although that’s unlikely, given that the Brexit decision will likely produce a stronger US dollar, lower mortgage rates, and generate foreign interest in our market, thus driving prices even higher,” Zoocasa analyst Jam Michael McDonald wrote.
As of June 2016, the average sale price of a detached house in Toronto stood at $979,445, a sharp spike from $816,583 the same month last year.
On the other hand, the average for semi-detached properties was $695,837, nearly a hundred thousand dollars greater than June 2015’s $596,638. Comparable increases were observed in the townhouse and condo segments, with June 2016 prices at (respectively) $553,040 and $421,456.
Meanwhile, monthly transaction volume in Toronto grew year-over-year as well, with only a negligible slowdown in townhouse sales. Last month’s sales numbers were at 6,307 (detached), 1,265 (semi-detached), 1,890 (townhouses), and 3,114 (condos).

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