Toronto REALTORS Release July Resale Market Figures

Our Own Jason Mercer talks about July Toronto Real Estate Market Figures

TORONTO, ONTARIO–(Marketwire – Aug. 4, 2011) – Greater Toronto REALTORS® reported 7,922 transactions through the TorontoMLS® system in July 2011, representing a 23 per cent increase over July 2010. Total sales through the first seven months of this year amounted to 55,863 – down by 1.3 per cent compared to the same period in 2010. After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 – in line with results from the previous six months.

“Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto,” said Toronto Real Estate Board President Richard Silver. “If the current pace of sales holds up, we could see the second best year on record under the current TREB market area.”

The average selling price in July was $459,122 – up by almost ten per cent compared to the July 2010 average of $418,675.

“Tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

TREB’s Market Watch Publication Has Changed

The reporting geography within TREB’s Market Watch publication changed with the release of July 2011 statistics. In line with the Toronto Real Estate Board’s recently announced re-districting initiative, TREB is now using a three-tier geographic hierarchy that includes regional municipalities/counties (e.g Peel Region), lower-tier municipalities (e.g. Mississauga) and recognized communities therein (e.g. Port Credit). Because of its size and population, the City of Toronto has been treated as a special case and will be broken down by districts similar to those used prior to July.

Due to month-to-month volatility in sales and average selling prices, TREB will not produce monthly reports on a community-level basis. Instead, detailed community-level statistics will be published every six months.

Summary of TorontoMLS® Sales and Average Price

July 2011
2011 2010
Sales Average Price Sales Average Price
City of Toronto (“416”) 3,072 $ 475,717 2,542 $ 443,000
Rest of GTA (“905”) 4,850 $ 448,612 3,883 $ 402,751
GTA 7,922 $ 459,122 6,425 $ 418,675
Source: Toronto Real Estate Board

TorontoMLS® Sales & Average Price By Home Type

July 2011
Sales Average Price
416 905 Total 416 905 Total

Detached 923 2,850 3,773 691,175 528,813 568,532
Yr./Yr. % Change 12 % 28 % 24 % 12 % 10 % 10 %
Semi-Detached 320 521 841 500,796 371,366 420,614
Yr./Yr. % Change 15 % 22 % 19 % 6 % 11 % 8 %
Townhouse 349 815 1,164 402,902 339,373 358,421
Yr./Yr. % Change 16 % 16 % 16 % 11 % 11 % 11 %
Condo Apartment 1,452 534 1,986 353,189 275,702 332,354
Yr./Yr. % Change 32 % 23 % 30 % 6 % 10 % 8 %
Source: Toronto Real Estate Board

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 31,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada’s largest real estate board. www.TorontoRealEstateBoard.com

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