June house sales increased over the previous year, although they remained below the March 2021 peak and were lower than the number of transactions reported in May 2021, as expected. In June, the average selling price grew by double digits over the previous year, but the yearly rate of gain slowed from the previous three months.
In June 2021, Greater Toronto Area REALTORS® reported 11,106 sales through TRREB's MLS® System, up 28.5 percent from June 2020. The condominium apartment segment, both in the City of Toronto and some of the surrounding suburbs, saw the most year-over-year sales rise in the GTA as a whole. In June, both actual and seasonally adjusted sales continued to fall on a month-over-month basis.
Over the previous three months, we've witnessed market activity shift from a record to a healthy pace. While this may bring some immediate comfort to property buyers, a return to population expansion based on immigration is only months away. While politicians have focused on artificially lowering demand, the only long-term solution to affordability is to increase supply to meet the region's ever-increasing housing demands.
Year-over-year sales growth surpassed new listing growth in all key market segments, indicating that tight market conditions defined by buyer competition and significant price growth will continue. Actual and seasonally adjusted average prices both fell in June compared to the previous month.
The composite benchmark for the MLS® Home Price Index in June 2021 was up 19.9% year over year. Over the same time period, the average selling price of all property types combined increased by 17% to $1,089,536. ?While low-rise areas of the market continued to fuel price growth, it is crucial to highlight that the average condominium apartment price increased by more than 8% from June 2020, well outpacing inflation.
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