Toronto Real Estate Sales Statistics

Toronto Real Estate Sales Statistics - July 2012

August 3, 2012 - July, 2012 sales figues were released today by the Toronto Real Estate Board and showed a slight decline of 1.5% in units sold versus the same period a year earlier, but with prices up about 4% over the same period. Unit sales were 7,570 in July, 2012; the average selling price $476,947. The July 2011 figures were 7,683 and $458,646 respectively.

While detached and semi-detached home sales saw modest declines versus the year-earlier period, freehold townhomes were up 15%.

Continued weakness in the condominimum market - particularly in Toronto - was the major contributor to the year-over-year 1.5% decline in unit sales, with condo sales off 13% in Toronto and 10% overall compared to July, 2011.

Freehold home prices rose, with detached up 8% in the "416" and 5% in the "905"; semi-detached up 5% in both areas, and freehold townhomes up 3% in the "416" and 5% in the "905".

Condo prices fell 1% in the "416" to $347,996; they rose 1% in the "905" to $279,603. Units sold for condos fell 13% in the "416" and fell 2% in the "905".

While some continue to blame Toronto's Land Transfer Tax for the softer numbers, it must be considered that that the Toronto-added LTT has been applicable for some time. Instead, it may be simply an affordability issue, combined with the Federal Government's further tightening of mortgage qualification requirements.

Further, new listings were up 11.9% year-over-year, and total active listings up 16%: obviously an increase in listing supply favours buyers.

Versus the prior month [e.g. June, 2012], GTA prices fell nearly 6.5%. It's entirely normal for prices to soften into the summer months, but it's important to note that in 2011, the May versus July drop was [$485,362 vs. $458,646 =] 5.82%. The 2012 May vs. July drop was [$515,501 vs. $476,947 =] 8.08%. This may be a more important metric to monitor. Stay tuned...

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