Average Toronto home price passes $500K
Posted July 7, 2011 9:57 am.
This article is more than 5 years old.
It cost on average more than a half-million dollars to buy a home in the city last month, according to the latest numbers from the Toronto Real Estate Board.
The average Toronto home price in June was $512,879, up from $466,220 a year earlier. When the rest of the GTA was included, the average home price was less. But it too jumped about 10 per cent to $476,371.
“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” the Board’s Jason Mercer said in a statement released Wednesday. “Tight supply meant more competition between home buyers.”
For the first six months of the year, home sales were down by 4.5 per cent compared to the first half of 2010. June, however, saw a 21 per cent jump from last year with 10,230 homes sold.
“Even as the price continues to be strong and the real estate market itself is healthy, [there’s] not a lot of listings,” said 680News senior business editor Mike Eppel. “What is that leading to? Bidding wars and, simply, higher prices. How sustainable is this? … If interest rates ever start to go up, that question may be answered very quickly.”
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