Toronto Real Estate Board

Toronto Real Estate Board

August 16, 2012 09:00 ET

GTA REALTORS® Report Mid-Month Resale Housing Market Figures

TORONTO, ONTARIO--(Marketwire - Aug. 16, 2012) - Greater Toronto Area REALTORS® reported 2,857 transactions through the TorontoMLS system during the first 14 days of August 2012. This mid-month result represented a dip of 7.6 per cent in comparison to 3,091 sales reported during the same period in 2011.

"A number of factors played into the dip in sales in the first half of August. Sales growth in the spring was very strong, suggesting that some buyers sped up their decision to buy. Stricter mortgage lending guidelines that came into effect at the beginning of July likely prompted some households to put their buying decision on hold. Finally, relatively higher home prices and the additional upfront cost of the City's Land Transfer Tax go a long way to explain the more pronounced dip in sales in the '416' area code," said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for the first two weeks of August in the Greater Toronto Area was $480,180 - up 9.2 per cent in comparison to 2011.

"The strong annual rate of price growth so far in August was driven by the single-detached market segment, particularly in the City of Toronto. While this segment of the market has been consistently tight over the past year, the strong double-digit price growth for single-detached houses in the City suggests that the mix of houses sold this year compared to last also changed, with higher end homes accounting for a greater share of sales this year," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Summary of TorontoMLS Sales and Average Price August 1 - 14
2012 2011
Sales Average Price New Listings Sales Average Price New Listings
City of Toronto ("416") 1,010 $502,092 1,974 1,167 $440,036 2,252
Rest of GTA ("905") 1,847 $468,198 3,497 1,924 $439,300 3,552
GTA 2,857 $480,180 5,471 3,091 $439,578 5,804

TorontoMLS Sales & Average Price By Home Type August 1 - 14, 2012

Sales Average Price
416 905 Total 416 905 Total
Detached 322 1,032 1,354 763,603 562,607 610,406
Yr./Yr. % Change -6 % -4 % -4 % 28 % 7 % 12 %
Semi-Detached 88 214 302 509,090 395,385 428,518
Yr./Yr. % Change -14 % 6 % -1 % 2 % 6 % 3 %
Townhouse 117 356 473 435,520 353,035 373,438
Yr./Yr. % Change -6 % 10 % 5 % 13 % 4 % 6 %
Condo Apartment 475 197 672 341,270 277,679 322,628
Yr./Yr. % Change -19 % -24 % -21 % -3 % 5 % -1 %

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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