Affordability drew in new Toronto Condo and Home buyers and set the best ever June results for the Toronto Real Estate Board.
Over 11,000 homes were sold up 27 per cent from June 2008.
The average Toronto resale price was $403,972 an increase of 2 per cent from one year ago.
A recent Royal Bank report showed improved affordability in the Home and Condo market across Canada. This in itself was the biggest quarterly improvement ever recorded.
The biggest influence on the new strength of the Toronto Real Estate Market was declining costs of home ownership and significant cuts to home mortgage rates.
In the first quarter according to the Royal Bank, monthly mortgage payments for a typical bungalow fell 17 per cent from a year earlier.
The pre-tax household income to buy various types of Canadian homes were as follows:
- Detached Bungalow-39.4 per cent
- Standard Townhouse-31.9 per cent
- Standard Condo-27.1 per cent
- Standard two-storey home-44.7 per cent
The largest Canadian cities home affordability, for detached bungalows were as follows:
- Vancouver-62.6 per cent
- Toronto-45.9 per cent
- Ottawa-39.1 per cent
- Montreal-36.5 per cent
- Calgary-35.1 per cent
Pre-tax household income improved across all housing segments in Canada and this plus lower mortgage rates has set record resale increases from the weaker markets of early 2009.
Toronto downtown Condos in June had and average price of $340,895 in the ( C01 ) Real Estate district, down 5 per cent from June 2008.
Toronto North York Condos in June had an average price of $317,748 in the ( C15 ) Real Estate district, up 21 per cent from June 2008.
