GTA REALTORS(R) Release Monthly Resale Market Figures

TORONTO, ONTARIO--(Marketwire - Sept. 6, 2012) - Greater Toronto Area (GTA) REALTORS® reported 6,418 sales through the TorontoMLS system in August 2012, representing a year-over-decline of almost 12.5 per cent compared to 7,330 sales reported in August 2011. The number of new listings reported in August was down by 5.5 per cent compared to the same period in 2011.

"Residential transactions were down in August compared to last year. Stricter mortgage lending guidelines, which came into effect in July, arguably played a role. In the City of Toronto, the additional impact of relatively higher home prices coupled with the upfront cost associated with the City's Land Transfer Tax led to a stronger annual decline in sales compared to the rest of the GTA," said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for August 2012 transactions was $479,095 - up by almost 6.5 per cent compared to August 2011. The annual rate of price growth was driven by the low-rise home segment in the City of Toronto, including single-detached homes with an average annual price increase of 15 per cent. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 6.3 per cent year-over-year.

"While sales were down year-over-year in the GTA, so too were new listings. As a result, market conditions remained quite tight with substantial competition between buyers in the low- rise market segment," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The trends for sales and new listings are moving somewhat in synch, suggesting that the relationship between sales and listings will continue to promote price growth moving forward."

*For more information on the MLS® Home Price Index (MLS® HPI), go to: http://www.torontorealestateboard.com/market_news/home_price_index/index.htm

Detailed MLS® HPI statistics can also be found on pages 25 and 26 of TREB's monthly Market Watch publication found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm

Summary of TorontoMLS Sales and Average Price August 1 - 31
			2012							2011
	Sales			Average Price		New Listings		Sales			Average Price		New Listings
City of Toronto ("416")	2,282		$	497,769		4,273		2,839		$	463,697		4,805
Rest of GTA ("905")	4,136		$	468,792		7,475		4,491		$	441,868		7,625
GTA	6,418		$	479,095		11,748		7,330		$	450,323		12,430

TorontoMLS Sales & Average Price By Home Type August 1 - 31, 2012
				Sales									Average Price
	416			905			Total			416			905			Total
Detached	706			2,323			3,029			746,300			564,571			606,929
Yr./Yr. % Change	-19	%		-7	%		-10	%		15	%		7	%		8	%
Semi-Detached	219			471			690			540,204			390,421			437,961
Yr./Yr. % Change	-22	%		-9	%		-13	%		11	%		4	%		6	%
Townhouse	258			804			1,062			418,548			351,201			367,562
Yr./Yr. % Change	-13	%		6	%		1	%		11	%		4	%		5	%
Condo Apartment	1,072			440			1,512			349,489			275,150			327,856
Yr./Yr. % Change	-22	%		-24	%		-22	%		-4	%		2	%		-2	%

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 34,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

Get the latest real estate news and Market Watch information including market watch summary video

twitter.com/TREBhome

facebook.com/TorontoRealEstateBoard

youtube.com/TREBChannel