Canada's largest housing market registered another month of double-digit sales gains in June, while deteriorating inventory helped push prices higher.
There were 8,860 property transactions across the Greater Toronto Area in June, representing a 10.4 per cent increase from a year earlier.
Meanwhile, total active listings fell almost six per cent in the month.
The combination of rising sales and fewer homes on the market helped lift the average selling price three per cent to $832,703.
That opened the door for the local real estate board to renew its criticism of stress tests on uninsured mortgages that took effect at the start of last year.
"Over the next year, as demand for ownership and rental housing continues to grow, my hope is that we will see more movement from policy makers on two fronts: alleviating the constrained supply of housing and providing more flexibility around demand-side policies, including the OSFI two percentage point mortgage stress test and allowable amortization periods on insured mortgages,” said Toronto Real Estate Board President Michael Collins in a release.
Living Realty Inc., Brokerage