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 compared to June 2011. The year-over-year decline was largest in the City of Toronto and Halton region. Condo apartments also saw a bigger decline in sales than low rise homes. full report
On a year-to-date basis, total sales in the GTA from January to June were comparable to the first six months of 2011. Perhaps the sales decline in June was more an adjustment to the strong market we had experienced earlier in the year than a major shift in market directions.
The average selling price in June was $508,622 – up by 7.3 per cent compared to June 2011. Price growth continued to be strongest in low rise homes, while average price of condominium apartments grew only modestly by 2.4%.
In spite of lower sale transactions, demand remained strong for detached homes, especially in the City of Toronto. In Toronto, detached homes continued to sell, on average, for above list price. However, the sold-to-list price ratio had come down to 1.006 in June from the six month high of 1.025 in February, indicating the bidding wars among buyers have become less fierce. If new listings continue to grow at the pace seen in the last couple of months, the market should become more buyer friendly in the next few months.