NEWS RELEASE 

 


GTA REALTORS® Report Mid-Month Resale Housing Market Figures

 

TORONTO, August 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%

 

 

 

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