GTA REALTORS(R) Release Monthly Resale Housing Figures

Construction/Building — August 3, 2012

GTA 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
		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	%

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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Contact Information

Media Inquiries:
Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com