Toronto Real Estate Board

Toronto Real Estate Board

September 06, 2012 07:00 ET

GTA REALTORS® 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

Contact Information

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