Toronto Real Estate Board

Toronto Real Estate Board

June 18, 2012 09:00 ET

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwire - June 18, 2012) - Greater Toronto REALTORS® reported 4,597 sales through the first 14 days of June - a result that was on par with the strong sales activity reported in the June 2011 mid-month release. While sales were flat on a year-over-year basis, the total number of new listings entered into the TorontoMLS system was up by 16 per cent to 8,382.

"Sales growth continued to be much stronger outside of the City of Toronto in the first half of June. While higher average home prices and slower listings growth in the City of Toronto likely explain some of the disparity in sales growth, recent polling suggests that the City of Toronto's Land Transfer Tax is having a substantial impact on where many households are looking to buy," said Toronto Real Estate Board President Richard Silver.

"Recent polling indicated that three-quarters of people in Toronto and surrounding 905 regions who are planning to move over the next two years said that they are more likely to move outside of Toronto specifically because of the added upfront costs associated with the Toronto Land Transfer Tax," continued Silver.

The average selling price for transactions during the first two weeks of June was $516,834 - up by over eight per cent compared to the average of $477,025 reported for the first two weeks of June 2011.

"The annual rate of price growth remains very high in the GTA. Increased listings will result in more balanced market conditions over the next year, but it will take some time before price growth will moderate to a more sustainable pace. Right now, months of inventory remains very low from a historic perspective and will likely not climb back to the pre-recession norm until 2013," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales, Average Price and New Listings
June 1 - 14
2012 2011
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,697 $ 566,527 3,391 1,850 $ 516,110 3,050
Rest of GTA ("905") 2,900 $ 487,756 4,991 2,746 $ 450,693 4,161
GTA 4,597 $ 516,834 8,382 4,596 $ 477,025 7,211

TorontoMLS Sales & Average Price By Home Type
Sales Average Price
416 905 Total 416 905 Total
Detached 625 1,706 2,331 817,678 580,151 643,838
Yr./Yr. % Change -2 % 8 % 5 % 9 % 8 % 7 %
Semi-Detached 178 303 481 571,889 393,139 459,288
Yr./Yr. % Change -24 % 5 % -8 % 9 % 7 % 5 %
Townhouse 213 516 729 459,318 366,629 393,711
Yr./Yr. % Change 9 % 9 % 9 % 10 % 8 % 9 %
Condo Apartment 668 286 954 367,781 281,094 341,793
Yr./Yr. % Change -13 % -15 % -14 % 6 % 2 % 5 %

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. TREB is Canada's largest real estate board.

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