GTA REALTORS® RELEASE MID-MONTH RESALE FIGURES
TORONTO,
July 18, 2012 -- Greater Toronto REALTORS® reported 3,679 sales through the
first 14 days of July 2012, representing a 5.6 per cent increase compared
to the 3,484 sales reported for the same period in 2011. New listings were up by 14.4 per cent
over the same time frame.
“Housing
demand remained strong in the first half of July. Sales growth occurred in the regions surrounding
the City of Toronto. In the City
of Toronto, where sales were down, the relatively higher cost of home ownership
likely prompted some buyers to purchase elsewhere in the GTA. Higher costs in the City of Toronto include
the upfront payment of the additional land transfer tax,” said Toronto
Real Estate Board (TREB) President Ann Hannah.
The average
selling price in the first half of July was $473,466 – up by 2.3 per
cent compared to last year. On
average, homes sold for 98 per cent of the asking price in 25 days – in
line with July 2011. Price growth
was strongest in the City of Toronto, climbing by 3.5 per cent to $496,645.
“A
better supplied market contributed to a slower annual rate of price growth
in July relative to the first half of 2012,” said Jason Mercer, TREB’s
Senior Manager of Market Analysis. “As
buyers benefit from more choice in the second half of this year, expect price
growth to slow to a more sustainable pace.”