Toronto Real­tors Report Mid-Month Resale Hous­ing Mar­ket Figures

Greater Toronto Real­tors reported 4,597 sales through the first 14 days of June – a result that was on par with the strong sales activ­ity reported in the June 2011 mid-month release. While sales were flat on a year-over-year basis, the total num­ber of new list­ings entered into the Toronto MLS sys­tem was up by 16% to 8,382.

“Sales growth con­tin­ued to be much stronger out­side of the City of Toronto in the first half of June. While higher aver­age home prices and slower list­ings growth in the City of Toronto likely explain some of the dis­par­ity in sales growth, recent polling sug­gests that the Toronto Land Trans­fer Tax is hav­ing a sub­stan­tial impact on where many house­holds are look­ing to buy,” said Toronto Real Estate Board Pres­i­dent Richard Silver.

“Recent polling indi­cated that three-quarters of peo­ple in Toronto and sur­round­ing 905 regions who are plan­ning to move over the next two years said that they are more likely to move out­side of Toronto specif­i­cally because of the added upfront costs asso­ci­ated with the Toronto Land Trans­fer Tax,” con­tin­ued Silver.

The aver­age sell­ing price for trans­ac­tions dur­ing the first two weeks of June was $516,834 – up by over 8% com­pared to the aver­age of $477,025 reported for the first two weeks of June 2011.

“The annual rate of price growth remains very high in the GTA. Increased list­ings will result in more bal­anced mar­ket con­di­tions over the next year, but it will take some time before price growth will mod­er­ate to a more sus­tain­able pace. Right now, months of inven­tory remains very low from a his­toric per­spec­tive and will likely not climb back to the pre-recession norm until 2013,” said Jason Mer­cer, TREB’s Senior Man­ager of Mar­ket Analysis.

City of Toronto (“416″)
2012 Sales: 1,697 | Avg Price: $566,527 | New List­ings: 3,391
2011 Sales: 1,850 | Avg Price: $516,110 | New List­ings: 3,050

Rest of GTA (“905″)
2012 Sales: 2,900 | Avg Price: $487,756 | New List­ings: 4,991
2011 Sales: 2,746 | Avg Price: $450,693 | New List­ings: 4,161

Entire GTA
2012 Sales: 4,597 | Avg Price: $516,834 | New List­ings: 8,382
2011 Sales: 4,596 | Avg Price: $477,025 | New List­ings: 7,211

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Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.
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