NEWS RELEASE 

 


GTA REALTORS® Release Monthly Resale Market Figures

 

TORONTO, July 5, 2012 -- Greater Toronto REALTORS® reported 9,422 home sales through the TorontoMLS system in June 2012.  The number of transactions was down by 5.4 per cent in comparison to June 2011.  The year-over-year decline was largest in the City of Toronto, where sales were down by 13 per cent compared to June 2011.  Sales in the rest of the Toronto Real Estate Board (TREB) market area were comparable to a year ago.

 

“Buyers continue to face the substantial upfront cost associated with the City of Toronto’s unfair Land Transfer Tax,” said TREB President Ann Hannah.  “Recent polling by TREB suggests that many households are considering home purchases outside of the City of Toronto to avoid paying the Land Transfer Tax.  This goes a long way in explaining the disproportionate decline in sales in the City versus surrounding regions.”

 

The average selling price in June was $508,622 – up by 7.3 per cent compared to June 2011.  The mortgage payment associated with the average priced home in June, assuming five per cent down and a five-year fixed rate mortgage amortized over 25 years, would account for approximately 35 per cent of the average household’s income in the GTA after adding property tax and utility payments.

 

“According to new mortgage lending guidelines set out by Finance Minister Jim Flaherty, the GTA housing market remains affordable.  The share of the average household’s income going toward major home ownership payments for the average priced home remains below the 39 per cent ceiling recently announced by Mr. Flaherty,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

“The average household in the GTA continues to benefit from a considerable amount of flexibility to account for higher interest rates moving forward,” continued Mercer.

 

 

Summary of TorontoMLS Sales and Average Price June 1 - 30

2012

2011

Sales

Average Price

New Listings

Sales

Average Price

New Listings

City of Toronto ("416")

3,520

$554,077

6,742

4,053

$511,591

6,102

Rest of GTA ("905")

5,902

$481,512

9,937

5,906

$448,579

8,653

GTA

9,422

$508,622

16,679

9,959

$474,223

14,755

 

TorontoMLS Sales & Average Price  By Home Type June 1 - 30

 

Sales

Average Price

 

416

905

Total

416

905

Total

 

 

Detached

1,257

3,432

4,689

803,671

572,748

634,652

 

Yr./Yr. % Change

-9%

2%

-1%

10%

7%

7%

 

Semi-Detached

403

645

1,048

562,057

398,366

461,312

 

Yr./Yr. % Change

-15%

7%

-3%

6%

8%

5%

 

Townhouse

407

1,081

1,488

448,993

357,452

382,491

 

Yr./Yr. % Change

-8%

3%

0%

9%

6%

6%

 

Condo Apartment

1,415

581

1,996

364,597

287,118

342,044

 

Yr./Yr. % Change

-18%

-20%

-18%

2%

2%

2%

 

 

 

 

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