BUSINESS

Short supply of detached Toronto homes for sale in June pushed up prices: Re/Max

07/17/2013 08:03 EDT | Updated 09/16/2013 05:12 EDT
TORONTO - Re/Max says a shortage of detached houses on sale in Toronto last month has resulted in stiff competition among buyers and higher selling prices.

The real-estate sales organization found 46 per cent of detached homes that sold between $400,000 and $1 million in June were sold above the listing price.

It also found that five of the 35 districts it studied had sales completed in less than three weeks on the market.

Re/Max says the average time on market for the Greater Toronto Area was 24 days in June but properties changed hands in as little as 13 days in hot districts.

The findings were part of an analysis of 35 Toronto Real Estate Board districts between January and June of this year.

Re/Max says the biggest price gains were outside the central core, which tends to have Toronto's most expensive real-estate.

"While we have seen solid price appreciation virtually across the board in the single-detached housing category, the most pronounced gains were in affordably priced areas in the city," says Gurinder Sandhu, executive vice-president for Re/Max Ontario-Atlantic Canada.

"In many of these areas, inventory played a role in hampering sales activity, placing further upward pressure on pricing."