Construction/Building — August 3, 2012GTA REALTORS® Release Monthly Resale Housing Figures
TORONTO, ONTARIO--(Marketwire - Aug. 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 $476,947 - up by four per cent compared to July 2011. The MLS® Home Price Index (MLS® HPI)* composite index, which allows for an apples-to-apples comparison of benchmark home prices from one year to the next, was up by 7.1 per cent year-over-year.
"The GTA housing market became better-supplied in recent months. Buyers benefitted from more choice in the market place, resulting in less upward pressure on the average home price in July," said Jason Mercer, TREB's Senior Manager of Market Analysis.
"The mix of homes sold in July 2012 versus July 2011 also appears to have changed, further influencing the average selling price. This is evidenced by the different annual rates of growth between the overall average price and the MLS HPI®," continued Mercer.
*For more information on the MLS® Home Price Index (MLS® HPI), go to: http://www.torontorealestateboard.com/market_news/home_price_index/index.htm. Detailed MLS® HPI statistics can also be found on pages 25 and 26 of TREB's monthly Market Watch publication found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm.
|Summary of TorontoMLS Sales and Average Price July 1 - 31|
|Sales||Average Price||New Listings||Sales||Average Price||New Listings|
|City of Toronto ("416")||2,721||$||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|
|TorontoMLS Sales & Average Price By Home Type - July 1 - 31, 2012|
|Yr./Yr. % Change||-4||%||-1||%||-2||%||8||%||5||%||6||%|
|Yr./Yr. % Change||-14||%||2||%||-4||%||5||%||5||%||4||%|
|Yr./Yr. % Change||-5||%||24||%||15||%||3||%||5||%||4||%|
|Yr./Yr. % Change||-13||%||-2||%||-10||%||-1||%||1||%||-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. The Toronto Real Estate Board is Canada's largest real estate board.
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