Greater Toronto REALTORS® Release Mid-Month Resale Market Figures August 2011

Toronto, August 16, 2011 –There were 3,214 sales through the TorontoMLS® system during the first 14 days of August, representing more than a 22.5 per cent increase compared to the same period in August 2010. Year-to-date sales through the 14th of August were all but caught up to last year’s total – down by half a per cent compared to 2010.

“The unsettled situation in financial markets over the past few weeks did not appear to sap the confidence of GTA home buyers during the first half of August,” said Toronto Real Estate Board President Richard Silver. “Revised forecasts for future Bank of Canada interest rate decisions coupled with the recent announcement by the US Federal Reserve, suggest that interest rate hikes in Canada are on hold at least until sometime in 2012. This is a positive for affordability and should help sustain buyer confidence moving forward.”

The average selling price was up by almost seven percent annually during the first 14 days of August to $440,150. “The rate of price growth reported for the first two weeks of August continued to point to sellers’ market conditions in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “However, it should be noted that new listings grew at a slightly greater pace than sales. A better supplied market in the second half of 2011 will result in prices growing at a more sustainable pace.”

TREB MLS -- AVERAGE Resale Home Price - July 2011

TREB MLS SALES - July 2011

TREB MLS Sales To New Listings Ratio - July 2011

TREB MLS New Listings- July 2011

Greater Toronto REALTORS® release July Resale Market Figures

Toronto, August 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.