Toronto Real Estate Board

Toronto Real Estate Board

July 18, 2011 13:30 ET

Greater Toronto Realtors® Release Mid-July Resale Market Figures

TORONTO, ONTARIO--(Marketwire - July 18, 2011) - During the first 14 days of July, Greater Toronto REALTORS(R) reported an increase in sales and the average selling price compared to the first two weeks of July 2010. The number of sales through the TorontoMLS(R) system was up 35 per cent to 3,609, compared to 2,672 last year.

"Low mortgage rates, rising incomes and good news on the jobs front have kept consumers confident in purchasing a home in the Greater Toronto Area. In fact, home buyers are much more confident than they were this time last year when concerns around the HST, interest rate hikes and new mortgage lending rules had temporarily put a damper on home sales," said Toronto Real Estate Board (TREB) President Richard Silver.

Tight market conditions in the GTA drove a strong rate of price growth through the first two weeks July. The average selling price was $464,277 – up 9.6 per cent compared to the average of $423,773 in July 2010.

"Enhanced competition between home buyers continued to drive strong price growth through the first two weeks of July," said Jason Mercer, TREB's Senior Manager of Market Analysis. "While new listings were up year-over-year in the first half of the month, seller's market conditions were sustained as sales grew at an even greater rate."

Summary of TorontoMLS(R) Sales and Average Price
July 1st - 14th
2011 2010
Sales Average Price Sales Average Price
City of Toronto ("416") 1,400 $ 481,200 1,085 $ 455,756
Rest of GTA ("905") 2,209 $ 453,551 1,587 $ 401,908
GTA 3,609 $ 464,277 2,672 $ 423,773
Source: Toronto Real Estate Board
TorontoMLS(R) Sales & Average Price By Home Type
July 1st - 14th, 2011
Sales Average Price
416 905 Total 416 905 Total
Detached 410 1,319 1,729 720,808 531,727 576,564
Yr./Yr. % Change 15 % 46 % 37 % 12 % 10 % 9 %
Semi-Detached 144 231 375 514,351 372,260 426,823
Yr./Yr. % Change 20 % 41 % 32 % 8 % 11 % 8 %
Townhouse 169 361 530 394,909 344,136 360,326
Yr./Yr. % Change 17 % 18 % 18 % 10 % 15 % 13 %
Condo Apartment 668 242 910 351,040 281,714 332,604
Yr./Yr. % Change 50 % 38 % 47 % 5 % 17 % 8 %
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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Contact Information

  • For Media Inquiries:
    Toronto Real Estate Board
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com