Toronto Real Estate Board

Toronto Real Estate Board

August 16, 2011 13:17 ET

Greater Toronto REALTORS® Release Mid-Month Resale Market Figures

TORONTO, ONTARIO--(Marketwire - Aug. 16, 2011) - There were 3,214 sales through the TorontoMLS® system during the first 14 days of August, representing more than a 22.5 per cent increase compared to the same period in August 2010. Year-to-date sales through the 14th 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 seven percent 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."

Summary of TorontoMLS® Sales and Average Price
August 1st - 14th
2011 2010
Sales Average Price Sales Average Price
City of Toronto ("416") 1,201 $ 443,078 1,008 $ 427,106
Rest of GTA ("905") 2,013 $ 438,404 1,614 $ 402,868
GTA 3,214 $ 440,150 2,622 $ 412,186
Source: Toronto Real Estate Board
TorontoMLS® Sales & Average Price By Home Type
August 1st - 14th, 2011
Sales Average Price
416 905 Total 416 905 Total
Detached 352 1,123 1,475 597,963 525,118 542,502
Yr./Yr. % Change 24 % 25 % 25 % -7 % 9 % 4 %
Semi-Detached 106 216 322 505,214 369,707 414,315
Yr./Yr. % Change -8 % 22 % 10 % 12 % 7 % 7 %
Townhouse 130 337 467 386,328 338,470 351,792
Yr./Yr. % Change 21 % 10 % 13 % 8 % 11 % 11 %
Condo Apartment 601 268 869 355,513 266,186 327,964
Yr./Yr. % Change 23 % 43 % 28 % 12 % 4 % 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.

The Toronto Real Estate Board is Canada's largest real estate board. www.TorontoRealEstateBoard.com

Get the latest real estate news & Market Watch information & summary videos

www.twitter.com/TREB_Official

www.facebook.com/TorontoRealEstateBoard

www.youtube.com/TREBChannel

Contact Information

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