Toronto Real Estate Board

Toronto Real Estate Board

September 07, 2011 11:05 ET

GTA REALTORS® Report August Resale Market Figures

TORONTO, ONTARIO--(Marketwire - Sept. 7, 2011) - Greater Toronto REALTORS® reported 7,542 sales through the TorontoMLS® system in August – a 24 per cent increase over 6,083 sales in August 2010. New listings, at 12,509, were up by 20 per cent compared to August 2010. Market conditions remained tight as sales growth outstripped growth in new listings.

"Home sales in the GTA have stood up well despite a less certain economic outlook," said Toronto Real Estate Board President Richard Silver. "Home sales will be bolstered by low mortgage rates moving forward. The Bank of Canada is expected to be on the sidelines until the second half of 2012 or even into 2013. However, home ownership affordability in the City of Toronto could be further improved with the removal of the City's land transfer tax. This tax currently represents a substantial upfront cost for home buyers."

With market conditions remaining tight in the GTA, the average selling price continued to grow strongly in August – up by more than 10 per cent year-over-year to $451,663.

"We remain on pace for the second best year on record for sales. Approximately 90,000 transactions are expected by the end of December," said TREB's Senior Manager of Market Analysis Jason Mercer. "Major home ownership costs, including the average monthly mortgage payment, remain affordable despite the strong price growth experienced so far this year."

Summary of TorontoMLS® Sales and Average Price
August 2011
2011 2010
Sales Average Price Sales Average Price
City of Toronto ("416") 2,898 $464,863 2,318 $420,405
Rest of GTA ("905") 4,644 $443,426 3,765 $402,889
GTA 7,542 $451,663 6,083 $409,564
Source: Toronto Real Estate Board
TorontoMLS® Sales & Average Price By Home Type
August 2011
Sales Average Price
416 905 Total 416 905 Total
Detached 892 2,597 3,489 648,491 531,458 561,379
Yr./Yr. % Change 35% 24% 27% 10% 10% 10%
Semi-Detached 281 541 822 488,866 373,990 413,260
Yr./Yr. % Change 12% 30% 24% 5% 9% 6%
Townhouse 303 779 1,082 377,807 337,512 348,796
Yr./Yr. % Change 18% 11% 13% 7% 10% 9%
Condo Apartment 1,393 593 1,986 364,437 270,740 336,460
Yr./Yr. % Change 24% 28% 25% 11% 8% 10%
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 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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