Toronto Real Estate Board

Toronto Real Estate Board

July 06, 2011 12:18 ET

Greater Toronto REALTORS® Release June Resale Market Figures

TORONTO, ONTARIO--(Marketwire - July 6, 2011) - Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21 per cent compared to June 2010. This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5 per cent compared to the first half of 2010.

"The strong June result capped off an interesting first half of 2011," said Toronto Real Estate Board President Richard Silver. "The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term."

The average price for June transactions was $476,371 – a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 – almost an eight per cent increase compared to the same period in 2010.

"While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis. "Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter."

"Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases," continued Mercer.

Summary Of June TorontoMLS® Sales And Average Price
June
2011 2010
Sales Average Price Sales Average Price
City of Toronto ("416") 4,133 $512,879 3,428 $466,220
Rest of GTA ("905") 6,097 $451,623 5,014 $413,712
GTA 10,230 $476,371 8,442 $435,034
Source: Toronto Real Estate Board
June 2011 TorontoMLS® Sales & Average Price By Home Type
Sales Average Price
416 905 Total 416 905 Total
Detached 1,413 3,486 4,899 734,608 540,055 596,169
Yr./Yr. % Change 21% 23% 22% 13% 8% 10%
Semi-Detached 488 626 1,114 532,160 368,464 440,173
Yr./Yr. % Change 13% 17% 15% 9% 9% 9%
Townhouse 450 1,072 1,522 411,113 338,015 359,628
Yr./Yr. % Change 19% 18% 18% 6% 11% 9%
Condo Apartment 1,746 734 2,480 358,881 279,769 335,466
Yr./Yr. % Change 22% 24% 23% 8% 13% 9%
Source: Toronto Real Estate Board

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 31,000 TREB Members serve consumers in the Greater Toronto Area.

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