Greater Toronto REALTORS® Report June Mid-Month Resale Housing Market Figures

TORONTO, June 16, 2011 – The number of sales and the average selling price reported by Greater Toronto REALTORS® were both up during the first 14 days of June 2011. Sales through the first two weeks of June amounted to 4,787 – up 16 per cent over the same period in 2010. The average selling price for these transactions, at $477,853, was up nine per cent.
“The spring has always been the busiest time in the resale market, but the results for May and the first two weeks of June represented a marked improvement over last year. Low mortgage rates have kept affordability in check and buyers have felt confident in paying for a home over the long term,” said Toronto Real Estate Board (TREB) President Bill Johnston.
The number of new listings on the TorontoMLS® between June 1st and June 14th was down by eight per cent compared to 2010.
“Listings have been in short supply this year, while a lot of people have been looking to buy. The result has been enhanced competition between buyers and more upward pressure on price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “Strong price growth will prompt more home owners to list as we move toward 2012.”
Summary Of June Sales And Average Price June 1st to June 14th 

                                                                         2011                                                                                                              2010
                                          Sales                     Average Price                                                                        Sales                     Average Price

City of Toronto ("416")       1,913                    $515,052                                                                              1,681                    $467,983

Rest of GTA ("905")           2,874                    $453,093                                                                              2,458                    $415,876

GTA                                   4,787                    $477,853                                                                              4,139                    $437,039
Sales & Average Price By Home Type June 1st to June 14th 

                                                   Sales                                               Average Price 

                                    416              905             Total                 416                905                Total 

Detached                     669            1,663            2,332               744,747         540,660          599,208
Yr./Yr. % Change        18%            16%            17%                    13%                9%                11%
Semi-Detached            242             299              541                  524,625         370,021           439,178
Yr./Yr. % Chang          8%              18%            13%                    7%                9%                    7%
Townhouse                   202            496              698                  413,911         338,288            360,173
Yr./Yr. % Change        9%              13%            12%                    11%                8%                  9%
Condo Apartment        788              346            1,134                347,472         279,556            326,750
Yr./Yr. % Change        13%            25%             17%                    4%                13%                    6%

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

For Media Inquiries: Mary Gallagher, Senior Manager Media Relations Toronto Real Estate Board 1400 Don Mills Road Toronto ON M3B 3N1 Office: (416) 443-8158 maryg@trebnet.com