Ontario - Inventory Increases, Market Balances in June
Toronto, July 6, 2010 - Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23% decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up 1% annually. Year-to-date sales through June were up 23% to 50,455 compared to the first six months of 2009.
"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said Toronto Real Estate Board President Bill Johnston. "The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates."
The average price for June transactions was $435,034 – up 8% compared to the average of $403,972 recorded for June 2009.
"With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of average price growth in the second half of 2010 will be in the single digits."
In June, the median price was $367,750, from the $345,000 recorded during June of 2009.
Ottawa, July 6, 2010 - Members of the Ottawa Real Estate Board sold 1,615 residential properties in June through the Board’s Multiple Listing Service® system compared with 1,897 in June 2009, a decrease of 14.9%. Of those sales, 418 were in the condominium property class, while 1,197 were in the residential property class.
“For the first time in 2010, inventory increased year-over-year in June, by almost 6%. The Ottawa housing market is now moving towards balance, rather than the seller’s market we have been in for most of the past year,” said Board President Pierre de Varennes. “Sales last month were very close to the five-year average for June, so what we see here is a return to the stable, steady market conditions that Ottawa tends to experience. Home sale prices continued to grow at a healthy rate in June,” he added.
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $326,572, an increase of 6.4% over June 2009. The average sale price for a condominium-class property was $256,969, an increase of 8.3% over June 2009. The average sale price of a residential-class property was $350,878, an increase of 7.4% over June 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
Hamilton, July 7, 2010 – The Hamilton-Burlington area resale market reported a total of 1,359 units sold in June, indicating a decrease of 15% from the same month last year, and a decrease of 6% from May of this year. The total unit sales for the first six months of 2010 are being reported at 18.7% higher than the same period last year, while new units listed are 20.7% higher than last year at this time, according to Multiple Listing Service® (MLS®) statistics released by the REALTORS® Association of Hamilton-Burlington (RAHB).
“June’s sales are down from last year’s record-breaking month,” said Joe Ferrante, RAHB President, “but the strong numbers in the early months of the year still brings our year-to-date sales ahead of last year at this time.”
Residential properties sold during June totalled 1,305 which included 1,036 freehold properties and 269 condominiums. Commercial sales for June, including industrial, farm, vacant land and business, totalled 54 units.
The average price of freehold residential properties sold in the month of June was $331,056, an increase of 5% over June last year. The average sale price reflects the dollar volume of residential sales divided by the number of total residential units sold.
In the condominium market the average price of condominiums in June was $249,227, an increase of 13.5% over June 2009.
The total number of units listed for sale during June was 2,072, which is 22% more than were listed in the same period in 2009.
“With a good inventory of properties available,” added Ferrante, “Hamilton, Burlington and our outlying areas remain a great place to buy real estate.”
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