NEWS RELEASE 

 


GTA REALTORS® Release Monthly Resale Housing Figures

 

TORONTO, August 3, 2012 -- Greater Toronto REALTORS® reported 7,570 sales in July 2012, representing a decline of 1.5 per cent compared to 7,683 sales reported in July 2011.  The decline was most pronounced in the condominium apartment segment in the City of Toronto.  Total sales in the rest of the Greater Toronto Area (GTA) were up compared to the same period last year.

  “Very strong annual sales growth in the first half of 2012 and an earlier peak in sales this spring compared to 2011 help explain more moderate sales this summer.  New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfer tax also prompted some households to put their buying decision on hold,” said Toronto Real Estate Board (TREB) President Ann Hannah.

  The average selling price in July 2012 was $476,947 – up by four per cent compared to July 2011.  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 7.1 per cent year-over-year.

  “The GTA housing market became better-supplied in recent months.  Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“The mix of homes sold in July 2012 versus July 2011 also appears to have changed, further influencing the average selling price.  This is evidenced by the different annual rates of growth between the overall average price and the MLS HPI®,” continued Mercer.

 

 

Summary of TorontoMLS Sales and Average Price July 1 - 31

2012

2011

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

2,721

$500,934

5,537

2,995

$476,101

5,040

Rest of GTA ("905")

4,849

$463,488

8,351

4,688

$447,495

7,367

GTA

7,570

$476,947

13,888

7,683

$458,646

12,407

 

 

 

 

 

 

 

 

 

TorontoMLS Sales & Average Price  By Home Type - July 1 - 31, 2012

 

Sales

Average Price

 

416

905

Total

416

905

Total

 

 

Detached

852

2,729

3,581

752,431

552,239

599,869

 

Yr./Yr. % Change

-4%

-1%

-2%

8%

5%

6%

 

Semi-Detached

272

509

781

526,979

389,592

437,440

 

Yr./Yr. % Change

-14%

2%

-4%

5%

5%

4%

 

Townhouse

323

980

1,303

416,084

357,166

371,771

 

Yr./Yr. % Change

-5%

24%

15%

3%

5%

4%

 

Condo Apartment

1,246

507

1,753

347,996

279,603

328,216

 

Yr./Yr. % Change

-13%

-2%

-10%

-1%

1%

-1%

 

 

 

 

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