GTA Home Sales Increase Mid-July: Toronto Real Estate Board

The Toronto Real Estate Board (TREB) has released its sales figures for the first 14 days of July 2012, finding a 5.6 per cent increase of home sales in the Greater Toronto Area over the same time last year. Home sales reported through the MLS Listings were at 3,679.

“Housing demand remained strong in the first half of July. Sales growth occurred in the regions surrounding the city of Toronto,” said the president of the Toronto Real Estate Board, Ann Hannah. “In the city of Toronto, where sales were down, the relatively higher cost of homeownership 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.”

New listings were also up just over 14 per cent, while the average selling price during this time period was 2.3 per cent higher at $473,466.

“A better supplied market contributed to a slower annual rate of price growth in July relative to the first half of 2012,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “As buyers benefit from more choice in the second half of this year, expect price growth to slow to a more sustainable pace.”

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