Greater Toronto REALTORS® Release Mid-Month Resale Mar­ket Figures

There were 3,214 sales through the Toron­toMLS® sys­tem dur­ing the first 14 days of August, rep­re­sent­ing more than a 22.5% increase com­pared to the same period in August 2010. Year-to-date sales through the 14^th of August were all but caught up to last year’s total – down by half a per cent com­pared to 2010.

“The unset­tled sit­u­a­tion in finan­cial mar­kets over the past few weeks did not appear to sap the con­fi­dence of GTA home buy­ers dur­ing the first half of August,” said Toronto Real Estate Board Pres­i­dent Richard Silver.

“Revised fore­casts for future Bank of Canada inter­est rate deci­sions cou­pled with the recent announce­ment by the US Fed­eral Reserve, sug­gest that inter­est rate hikes in Canada are on hold at least until some­time in 2012. This is a pos­i­tive for afford­abil­ity and should help sus­tain buyer con­fi­dence mov­ing for­ward.”

The aver­age sell­ing price was up by almost 7% annu­ally dur­ing the first 14 days of August to $440,150.

“The rate of price growth reported for the first two weeks of August con­tin­ued to point to sell­ers’ mar­ket con­di­tions in the GTA,” said Jason Mer­cer, TREB’s Senior Man­ager of Mar­ket Analysis.

“How­ever, it should be noted that new list­ings grew at a slightly greater pace than sales. A bet­ter sup­plied mar­ket in the sec­ond half of 2011 will result in prices grow­ing at a more sus­tain­able pace.”

City of Toronto (“416″)
2011 Sales: 1,201 | Aver­age Price: $443,078
2010 Sales: 1,008 | Aver­age Price: $427,106

Rest of GTA (“905″)
2011 Sales: 2,013 | Aver­age Price: $438,404
2010 Sales: 1,614 | Aver­age Price: $402,868

GTA
2011 Sales: 3,214 | Aver­age Price: $440,150
2010 Sales: 2,622 | Aver­age Price: $412,186

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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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