Greater Toronto Realtors(R) 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

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