The Toronto Real Estate Board (TREB) reported 11,992 sales through the Multiple Listing Service (MLS) system in June 2015, a record-breaking number of transactions for the month. This figure is an 18.4-per-cent increase over the 10,132 sales reported in June 2014.

Prices in all major home types increased considerably on a year-over-year basis in June, with the MLS Home Price Index Composite Benchmark up 8.9 per cent compared to June 2014. The average selling price increased by 12.3 per cent over June 2014 to $639,184. Much of the increase can be attributed to high-end home sales, which accounted for a large number of transactions this year, causing the average selling price to increase at a greater annual rate compared to the MLS HPI Composite Benchmark.

Detached home sales saw a year-over-year increase of 18.3 per cent, with a large percentage of transactions taking place in the Greater Toronto Area. Townhouse sales increased 19.1 per cent over June 2014, while semi-detached home sales increased by 7.1 per cent compared to the same period last year. Condo sales grew by 22.4 per cent over June of last year, with most sales taking place in the Toronto area.

“It is encouraging to see that new listings have edged upward so far this year, as homeowners have reacted to strong home price growth and have looked to take advantage of increased equity in their homes,” said Jason Mercer, TREB’s director of market analysis, in a press release. “However, the annual rate of sales growth continues to far outstrip listings growth, which means that there remains a lot of willing buyers in the marketplace who haven’t found a home that meets their needs. As long as this situation persists, expect home prices to trend strongly upward.”